Analisis Yuridis Perlindungan Hukum terhadap Investor atas Transaksi Repurchase Agreement yang Gagal Serah (Studi Kasus PT. Topaz Investment)

Abstract

Repurchase Agreement (Repo) transactions are a mechanism of buying and selling securities with a promise to repurchase or resell them at a predetermined time and price. This mechanism is widely used in the capital market as a shortterm financing instrument. However, in practice, Repo transactions often give rise to legal issues, particularly when there is a failure to deliver the securities. The case between PT. Topaz Investment and Indra Setiawan serves as a concrete example of a breach of contract in a Repo share transaction, resulting in losses for the investor. This study aims to examine: the legal framework governing Repo share transactions in Indonesia, the ownership status of shares in Repo transactions, and the legal protection for investors in cases of failed delivery, based on the case study of PT. Topaz Investment. This research employs a normative juridical method with a statutory, doctrinal, and case study approach. The findings indicate that Repo transactions are regulated under the Financial Services Authority Regulation (POJK) No. 9/POJK.04/2015 and are based on the principle of freedom of contract as stipulated in the Indonesian Civil Code (KUH Perdata). Repo transactions establish a legal relationship between the seller and buyer based on an agreement, including clauses outlining liability in the event of default. In the case of PT. Topaz Investment, the breach occurred because the company failed to fulfill its obligation to repurchase TRAM shares in accordance with the agreement. This raises questions about the extent of liability among the parties, the validity of the compensation mechanism, and the legal standing of parties not explicitly listed in the agreement but deemed responsible. The study concludes that legal protection for investors in Repo transactions must be strengthened through more detailed contractual arrangements, enhanced supervision by the Financial Services Authority (OJK), and dispute resolution mechanisms that take into account the unique characteristics of Repo transactions in the capital market.