SOE Ministry Dissolved
The House of Representatives passed sweeping revisions to the law governing state-owned enterprises (SOEs) in a plenary session on Thursday, dissolving the SOEs Ministry and establishing a new regulatory body, the SOEs Regulatory Agency (BP BUMN), as its replacement. Around 500 staff members of the SOEs Ministry will be transferred to the new agency under civil service rules.
House Speaker Puan Maharani told the plenary session that the new law aimed to prevent overlapping authority, as state firms are now placed under the state asset fund Danantara, which was established in February. “As Pak President Prabowo Subianto has emphasized, SOEs must function and serve in line with Article 33 [of the 1945 Constitution], for the greatest benefit of the people. […] We must now ensure there is no overlap between regulator and operator,” Puan said. (Jakarta Post)