Delays in Share Acquisition Notifications Due to Misinterpretation of “Immediate Holding” From the Perspective of Maqashid Al-Shari’ah

The obligation to notify share acquisitions to the Business Competition Supervisory Commission (KPPU) is an important instrument to monitor transactions that have the potential to lead to monopolistic practices and unfair business competition. However, misinterpretation of the concept of immediate holding in the company's ownership structure can cause delays in fulfilling this obligation. This study aims to analyze the delay in notification of share acquisitions in KPPU Decision Number 18/KPPU-M/2020 based on the perspective of Maqashid Shari'ah Imam Al-Syathibi, specifically the concept of Hifz al-mal. This study uses a normative legal method with a statutory and conceptual approach. Legal materials were collected through library research and analyzed qualitatively with a descriptive-analytical method. The results of the study indicate that the obligation to notify share acquisitions is regulated in Article 29 of Law Number 5 of 1999 in conjunction with Article 5 of Government Regulation Number 57 of 2010 that Taiko Plantations Pte. Ltd. was imposed an administrative fine of Rp1,500,000,000.00 for late notification of the acquisition of shares in PT Putra Bongan Jaya. From a Hifz al-mal perspective, the imposition of this sanction is justified as an effort to protect the economic interests of the community and maintain the effectiveness of competition supervision. However, misinterpretation of the concept of immediate holding needs to be considered in assessing the proportionality of the sanction, without eliminating the notification obligation and the company's administrative responsibilities. Therefore, clarity is needed in the KPPU guidelines regarding company ownership structures and notification obligations to create legal certainty, justice, and economic benefits.