Finance Service Authority (OJK) formation as determined on Act 21/2011 (UU OJK) is aligned with Article 33 verse (5) 1945 Constitution, in which mandates a formation of economic management Act, said OJK Commissioner Council Chief Muliaman D. Hadad in Act 21/2011 Judicial review trial conducted at MK Plenary Room on Thursday (9/18).  

In response to objected OJK’s independency, Muliaman said that OJK’s independency is retained on formal and informal basis. Article 2 verse (2) UU OJK emphasizes that OJK is independent institution whose tenure is freed from any other side involvement.

“It also mentioned that OJK works on several principles: independency, accountability, responsibility, transparency, and reasonable. Independency principle is shown on decision makin process as determined in valid regulations,” he explained toward the Panel of Justices, led by Justice Hamdan Zoelva.  

Muliaman also said that OJK independency must be interpreted as independency in executing its duty and competences, but does not defy coordination with Bank of Indonesia, Financial Ministry, and Saving Guarantor (LPS), given that financial sector’s stability depends on control mechanism.  

Act 6/2009 also determines that bank monitoring duty must be overseen by independent financial institution. “I believe, OJK has retained its independency and aligning well with the Constitution,” he explained.

OJK Trespassing Constitution

In the trial, Plaintiff presented Samsul as an expert. Samsul described that, constitutionally, OJK’s presence as financial super body is not given a place in the Constitution. The ruling of Act 21/2011 has amputated BI’s authority as single financial overseeing body, a duty that BI had carried for more than 53 years. “As a body that in level with BI, OJK’s presence harms the Constitution, The monitoring and bank managing is constitutional duty of BI, as determined in Article 23D 1945 Constitution,” he explained.   

Besides, OJK financial resources that is originated from bank levies, has weighed banking and finance sectors. “Instead of giving useful function, OJK potentially adding a economic loads to the people,” he added. (Lulu Anjarsari/mh/kun)