LEGAL DUE DILIGENCE :

Pengaturan & Praktek

T i
Trainer/
/FFacilitator:
ilit t
Dr. Suyud Margono, SH., MHum., FCIArb.

Comprehensive Workshop
MERGER & ACQUISITION: Legal Aspect In Business
diselenggarakan oleh VALUE CONSULT
6-7 Oktober 2015, Hotel PARK LANE Jakarta

Suyud Margono & Partners

 Audit:formal examination of an individual
individualss
or organizations accounting records,
financial situation or compliance with some
other
h set off standards.
d d (Bl(Blacks
k LLaw 8th ed)
d)

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Audit (Pemeriksaan) dari segi Hukum (Legal
Audit) terhadap:
1. suatu hubungan
g hukum tertentu;; atau
2. hubungan karena kontrak; dan/ atau
3. Perusahaan secara umum

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Suyud Margono & Partners
The due diligence process is applied in two
basic business situations:
1. transactions involvingg sale and
purchase of products or services, and
2. transactions involving mergers,
acquisitions, and partnerships of
corporate entities

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Suyud Margono & Partners
Background
Legal Due Diligence

should address in the following

perspectives
p p :

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 LDD used to inspect entities (in legal aspect)
commonly used for investment, capitalization,
restructuring, ex for merger, consolidation &
acquisition company
LDD report shall means form of
recommendation & opinion in legal
perspectives.

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In the event a Company extinguishment has law impact as
follows:
the assets and liabilities of the merging or
amalgamating Company are transferred by law to
the
h absorbing
b bi Company
C or to the
h Company
C formed
f d
by the Amalgamation ;
the shareholders of the merging or amalgamating
C
Company become
b by
b law
l theth shareholders
h h ld off the
th
absorbing Company formed by the Amalgamation ;
and
the merging or amalgamating Company extinguishes
by law with affect from the date the Merger or the
Amalgamation takes effect.

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 An Acquisition
q is carried out byy acquiring
q g the
share issued and/or be issued by a Company
through the Board of Directors of the
Company
Co pa y or
o directly
d ec y fromo thee shareholders.
s a e o de s.
Acquisition may be carried out by a body
corporate or by an individual
Th Acquisition
The A i iti is i an acquisition
i iti off share
h th
thatt
has results in the transfer of the control of the
Company.

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 LDD to Company conducted based on factual
document related to capital structure and ownership
deli ered by
delivered b Company
Compan mentioned since the CompanyCompan
established until the date signed this due diligence
has made;
LDD conducted in the frame of implementing relevant
governing
g g Law ((ex. Law of Republic
p Indonesia and no
other purposes shall be stipulated and interpreted
according to others state jurisdiction)

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 validityy of establishing,
g, capitalization,
p ,
ownership and management
validity operational license, company
registration & approval
validity of ownership in physically on the
property to the Company

Suyud Margono & Partners

 validityy of agreements
g made with the third
party assumed its party is important or has
interest
Possibility whether the Company or each
member of Director and /or Commissioners as
a Party in Private/ Civil Cases, Criminal Cases,
Tax Court, Labour Court, and others dispute
matters resolved by Arbitration

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| Establishing & all amendment of Article
of Association
| Structure of Capital & Share Holder
| Management & Supervisory
| Th Directors
The Di t (Authorized
(A th i d & Limitation
Li it ti
| Management

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| List of Shareholders;
| St t
Structure off ownership
hi andd mutation
t ti off share
h
ownership;
| Historyy off Capital
p p
and Share ownership
matching with List of Shareholders;
| Evidence of depositing share include,
evidence of transfer capital to Company
account;
| Audit of Financial Report, Is there any
obligation should do to company related to
Company Law;

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| Is there deposit in form of Goods
(inbreng/ contribution);
| Is there any permission from proceedings
at meetingg of shareholder, board of
commissioner, Board of Directors,
Company related;
| Shareholders where as legal entity with or
more than 50% share located, should be
audit on legal aspect (full audit).

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 Board,, board of commissioners and board of
directors:
History of List of company board since establish;
Curriculum
C i l vitae; it
Change of nationality and name if there;
Explanation from Authorize Institution, about if
any member of board has related to lawsuit like
criminal case, civil case, labor case, arbitration
case or else
else, in prove with notice from each
members of board;
Resume about authority of Board of directors
andd Board
B d off Commissioners
C i i
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| Company
p y Registration
g (TDP)
( )
| Business License (SIUP)
| Tax explanation, Taxpayer Registration Number
(NPWP), Tax Entrepreneur Number (PKP);
| Letter of Domicile & HO/Hinder Ordonantie
| Industrial Relationship (Labor regulation
regulation, Labor Union,
Union
Wages/UMR, KKB, Company Regulation, etc)
| Environmental (AMDAL)
| Financial Report
| Insurance (JAMSOSTEK)

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 Asset : tangible asset (movable & immovable)
and intangible asset (trademarks, Copyright).
Asset by own company/client;
Asset which is not own by company/client but
occupy by company.
Doing check for owner legally, occupy
property from debtor when we think important
and material related to business activityy debtor
and guarantee status of property (if any).
Circumstances which related to Share: Stocks
and Rights; Obligation share.
share

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 Resume of Agreements,
Name of Agreement; (title) type of Agreement; Date of
Agreement;
A t
Identity of party;
The amount of money, value (monetary) (US/Rp);
Time of Period ;
Guarantee which is promises legally and binding;
Representation & warranties;
positive covenants & negative covenants;
assignment
requirements;
i
default events;
termination;

Suyud Margono & Partners

 Investigation to common registry on District Court and
others
th courtst which
hi h iis related
l t d tto shareholders
h h ld ddomicile
i il
and any courts and commercial court Which has
jurisdiction to material activity business;
Investigation about if shareholders, board of
commissioners, board of directors involve on lawsuit
((e.g.
g arbitration case)) or another Jurisdiction.
J
Investigation if Shareholders, Board of Commissioners,
Board of Directors involve of legal case, it should be
report and give advice if there case can bring
negative impact.

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 Doing investigation special law related to good
corporate
t governance tot company/client.
/ li t
Doing activity or another step for company/client.

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 Pelaksanaan Ujij Tuntas sesuai dengan
g tujuan
j
dari transaksi yg akan dilakukan.
Pemeriksaan atas dokumen.
Pemeriksaan dengan tanya jawab.
Pemeriksaan dengan pertemuan uji tuntas.
Pemeriksaan dengan kunjungan langsung
ketempat.
Pemeriksaan dengan konfirmasi pada profesi
dan pihak terkait.

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 Laporan Uji Tuntas
Seluruh fakta hukum yang ada pada perusahaan
(berdasarkan jangka waktu Uji Tuntas)

Pendapat Hukum
hasil analisa dan kesimpulan dari seluruh fakta hukum
yang diperoleh selama Uji Tuntas

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 Keterbukaan: ungkapkan pelanggaran,
ketentuan yang tidak lazim, fakta material yang
dapat menimbulkan resiko bagi Perusahaan.
Note: Tidak bertentangan dengan prinsip
Kerahasiaan pada Pasal 19 (1) UU Advokat,
karena merupakan pengecualian
pengecualian, yaitu dalam hal
ditentukan lain oleh undang-undang, dalam
hal ini UU Pasar Modal.

Materialitas: ungkapkan fakta yang relevan yang

dapat mempengaruhi harga atau keputusan
pemodal.
d l

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 Tanggung jawab: Konsultan Hukum bertanggung
jawab penuh atas seluruh pekerjaan yang
dilakukan oleh Asisten dan staf pelaksana
sehubungan dengan pelaksanaan Uji Tuntas.

Tanggung jawab: Dalam hal Konsultan Hukum

bukan merupakan
p sekutu (p
(partner)) p
pada kantor
hukum tersebut harus bertanggung jawab atas
pekerjaan yang dilakukan oleh Konsultan
Hukum,, yyangg dibuktikan dengan
g p pernyataan
y
tertulis dari sekutu (partner) yang bersangkutan

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 Proses Uji Tuntas

Kertas Kerja
(Internal lawfirm)

Laporan Uji Tuntas

(ke Perusahaan dan/atau OJK

Pendapat Hukum
(ke Perusahaan,
Perusahaan salinan ke OJK)
(dicantumkan dalam Prospektus)

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 Pemeriksaan
Objek IPO: a. pemegang saham
p
b. perusahaan
Objek Right Issue
Objek
j Mergerg
Objek Akuisisi Saham
Obje e ga b lal a Aset
Objek Pengambilalihan set
Objek Transaksi Benturan Kepentingan
Objek Transaksi lainnya

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 Dokumen
Tanya Jawab
Due diligence
g meeting
g
Site Visit
Cross Checkingg

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> 50% Uji Tuntas menyeluruh
< 50% pemeriksaan terbatas sesuai
dengan kebutuhan
< 50% tetapi mengendalikan Uji Tuntas
menyeluruh.
l h

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 Beritahu agar Perusahaan dapat segera
memperbaikinya
Jika tidak diperbaiki atau tidak dapat diperbaiki
lagi
g dengan
g akibat yang
y g material bagig operasi
p
dan keuangan Perusahaan, Konsultan hukum
wajib menginformasikan dan memberikan
opininya dalam Pendapat Hukum (Legal
Opinion).

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 Tujuan Uji Tuntas
Asumsi dan kualifikasi
Batas waktu ppelaksanaan Uji
j Tuntas
Ringkasan eksekutif atas hasil Uji Tuntas
Akibat hukum dari ppelanggaran
gg yyang
g
mempunyai akibat material bagi operasional
dan keuangan Perusahaan

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Suyud Margono & Partners
 Opinion by definition, is a document
prepared by an attorney for his client,
embodying his understanding of the law as
applicable
li bl to a state off facts
f submitted
b i d to
him for that purposes (Blacks Law
Dictionary).
a legal opinion refers to written legal
advice on a point of law issued by either a
barrister (often referred to as "counsel's
opinion") or occasionally a senior government
law officer,
officer such as an attorney general.
general

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1. an opinion given by an attorney, legal
consultant,
l or lawyer;
l
2. the opinion is given based on the understanding
of the law by the attorney, legal consultant, or
lawyer giving such opinion;
3. the opinion is made based on the state of facts
submitted
b itt d to
t the
th attorney,
tt l
legal
l consultant,
lt t or
lawyer giving such opinion (Result of LDD);
4. the opinion will be used by the client (or other
parties as may be required and deemed
necessary) to conduct or not to conduct a
certain transaction.
transaction

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1. To the client;
2. To the parties with whom the client has a
transaction;
3. To the public.

Note: please
l remember
b that
h the
h opinion
i i are
given based on the best knowledge of the
attorney legal consultant,
attorney, consultant or lawyer of the
laws and regulations.

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 clearly mentioned the attorney, legal
consultant, or lawyer, are only working
based on the data, information, and
d
documents given/
i / supported
d by
b the
h client.
li
all data, information, and documents
given/ supported by the client in
photocopies must bear the statement that
there were assumed to be true.

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1. Introduction;
2. Statement of Facts;
3. Statement of Issues;;
4. Answer and Discussion;
5. Conclusion

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1. Well organized (point to point);
2. Concise;
3. Clear and Complete;
p ;
4. Precise and Accurate;
5. Plain word;;
6. Keep length in average (not to long);
7. Clear and transparent.

Suyud Margono & Partners

 Identitas dari Konsultan Hukum yang
y g
bersangkutan
Pihak yang menerima Pendapat Hukum
Dasar
D penunjukannya
j k sebagai
b iKKonsultan
l
Hukum oleh Perusahaan
Tujuan diterbitkannya Pendapat Hukum
Pendapatan Hukum atas transaksi tertentu
berdasarkan Laporan Uji Tuntas termasuk
A
Asumsii dan
d k kualifikasi,
lifik i apabila
bil ada.
d

Suyud Margono & Partners

 Thank you
&
Success your career

Suyud Margono & Partners

 _________ LAW FIRM __________
suyud
d margono
g & associates
i t
Advocates, Legal Consultants & Mediators
Registered Intellectual Property Attorneys
Registered Capital Market Legal Consultants
www.suyud.com

PLAZA BASMAR 3rd Floor

Jl. Mampang Prapatan No. 106 Jakarta Selatan 12760
Telp : 62-21 70631428, 799 2466
Fax : 62-21 799 2466
E-mail : suyud@suyud.com
suyudlaw@gmail.com

Suyud Margono & Partners