Dr. Gress Gustia Adrian Pah, S.H., M.H. C.L.A. C.Me has written an article in russian law journal with title "FULL DISCLOSURE AND MATERIAL INFORMATION PRINCIPLE FOR BACK DOOR LISTING COMPANIES".

This article provides an analysis of transactions involving private companies in Indonesia referred to as BDLs, which are not publicly listed on the stock exchange. The paper emphasizes the importance of disclosure and material information for back door listing companies.

The key findings in this article underscore the need for caution among investors regarding BDL stock transactions in Indonesia due to the limited regulations under the comprehensive listing law and the vulnerability to fraudulent activities. Therefore, investors are cautioned not to invest in BDL entities.

In terms of the implementation of BDL practices in Indonesia, corporate maneuvers through acquisitions should follow the same standards as the Information Disclosure Principles and material information requirements for an Initial Public Offering (IPO)."

To be able to read articles related to Back Door Listing you can read through the following link: 

https://www.russianlawjournal.org/index.php/journal/article/view/970/569