Legal Protection for Shareholders Regarding the Delisting of Issuers Declared Bankrupt (Case Study of PT Mas Murni Indonesia Tbk in Supreme Court Decision No. 21 PK/Pdt.Sus-Pailit/2025)

Abstract

Indonesia's capital market serves as a strategic conduit through which public savings and corporate financing flow into the national economy. When a listed company is adjudicated bankrupt and its shares are subsequently removed from the Indonesia Stock Exchange, however, shareholders, retail investors above all, are left in a state of considerable legal uncertainty. This study examines the protection that the law affords shareholders in that situation, taking as its case the bankruptcy of PT Mas Murni Indonesia Tbk and the delisting that followed it, as determined in Supreme Court Decision No. 21 PK/Pdt.Sus-Pailit/2025. It adopts a normative juridical design that combines statutory, case, and conceptual approaches. The findings indicate that the prevailing rules offer shareholders neither adequate preventive nor adequate repressive protection, leaving a normative gap around their legal standing once bankruptcy and delisting occur. Drawing on Hadjon's theory of legal protection and Radbruch's notion of legal certainty, the study proposes a protective model built on advance notice before delisting, an independent valuation of shares, shareholder participation, and regulatory reform. Reinforcing shareholder protection is vital for securing fairness, legal certainty, and sustained public confidence in Indonesia's capital market.