On July 16, 2025, CELIOS was officially invited by the Constitutional Court to provide expert testimony at the judicial review hearing of Law No. 1 of 2025 on the Third Amendment to the Law on State-Owned Enterprises. Representing CELIOS, Executive Director Bhima Yudhistira Adhinegara presented an economic perspective that questioned the transparency of the legislative process and highlighted the systemic risks arising from the law’s implementation.
In his testimony, Bhima emphasized three key issues: the lack of meaningful public participation, limited access to legislative documents, and the significant risks involved in transferring public funds to the Sovereign Wealth Fund (SWF) Danantara. He called for stronger oversight mechanisms, including an active role for the Audit Board of Indonesia (BPK) and public investors, to ensure that state assets are managed accountably and transparently, in a manner consistent with the long-term stability of the national economy.
CELIOS was officially invited to the Constitutional Court to provide expert testimony in the judicial review of Law No. 1 of 2025 on the Third Amendment to the State-Owned Enterprises Law. Representing CELIOS, Executive Director Bhima Yudhistira Adhinegara presented an economic perspective that questioned the transparency of the legislative process and raised concerns over systemic risks tied to the law’s implementation.
In his testimony, Bhima emphasized three core issues: the absence of meaningful public participation, the limited access to legislative documents, and the high-stakes transfer of public funds into the Sovereign Wealth Fund (SWF) Danantara. He called for stronger oversight mechanisms, including the active role of the Audit Board of Indonesia and public investors, to ensure that the management of state assets is accountable, transparent, and aligned with the long-term stability of Indonesia’s national economy.
Economic Expert Witness Testimony by Bhima Yudhistira (1) Download