Investigation into affairs of licensee
59. —(1) The Council may appoint one or more inspectors to investigate the affairs of a licensee or such aspects of the affairs of a licensee as are specified in the instrument of appointment. (2) An inspector appointed by the Council may, and if so directed by the Council must, make interim reports to the Council and on the conclusion of the investigation, the inspector must report the inspector’s opinion on or in relation to the affairs that the inspector has been appointed to investigate together with the facts upon which the inspector’s opinion is based to the Council. (3) A copy of the report must be forwarded by the Council to the registered office of the licensee. (4) The Council may, if it is of the opinion that it is necessary in the public interest to do so, cause the report to be printed and published. (5) In this Part — “affairs”, in relation to a licensee, includes — ( a ) the promotion, formation, membership, control, trading, dealings, business and property of the licensee; ( b ) the ownership of shares in, debentures of and interests made available by the licensee; ( c ) the ascertainment of the persons who are or have been financially interested in the success or failure or apparent success or failure of the licensee or are or have been able to control or materially to influence the policy of the licensee; and ( d ) the circumstances under which a person acquired or disposed of or became entitled to acquire or dispose of shares in, debentures of or interests made available by the licensee; “officer or agent”, in relation to a licensee, includes — ( a ) a director, banker, solicitor or an auditor of the licensee; ( b ) a person who at any time — (i) has been a person referred to in paragraph ( a ); or (ii) has been otherwise employed or appointed by the licensee; ( c ) a person who — (i) has in the person’s possession any property of the licensee; (ii) is indebted to the licensee; or (iii) is capable of giving information concerning the promotion, formation, trading, dealings, affairs or property of the licensee; and ( d ) where there are reasonable grounds for suspecting or believing that a person is a person referred to in paragraph ( c ), that person. [24G
—(1) The Council may appoint one or more inspectors to investigate the affairs of a licensee or such aspects of the affairs of a licensee as are specified in the instrument of appointment.
(2) An inspector appointed by the Council may, and if so directed by the Council must, make interim reports to the Council and on the conclusion of the investigation, the inspector must report the inspector’s opinion on or in relation to the affairs that the inspector has been appointed to investigate together with the facts upon which the inspector’s opinion is based to the Council.
(3) A copy of the report must be forwarded by the Council to the registered office of the licensee.
(4) The Council may, if it is of the opinion that it is necessary in the public interest to do so, cause the report to be printed and published.
(5) In this Part — “affairs”, in relation to a licensee, includes — ( a ) the promotion, formation, membership, control, trading, dealings, business and property of the licensee; ( b ) the ownership of shares in, debentures of and interests made available by the licensee; ( c ) the ascertainment of the persons who are or have been financially interested in the success or failure or apparent success or failure of the licensee or are or have been able to control or materially to influence the policy of the licensee; and ( d ) the circumstances under which a person acquired or disposed of or became entitled to acquire or dispose of shares in, debentures of or interests made available by the licensee; “officer or agent”, in relation to a licensee, includes — ( a ) a director, banker, solicitor or an auditor of the licensee; ( b ) a person who at any time — (i) has been a person referred to in paragraph ( a ); or (ii) has been otherwise employed or appointed by the licensee; ( c ) a person who — (i) has in the person’s possession any property of the licensee; (ii) is indebted to the licensee; or (iii) is capable of giving information concerning the promotion, formation, trading, dealings, affairs or property of the licensee; and ( d ) where there are reasonable grounds for suspecting or believing that a person is a person referred to in paragraph ( c ), that person. [24G
Procedure and powers of inspectors
60. —(1) If an inspector appointed to investigate the affairs of a licensee which is a company thinks it necessary for the purposes of the investigation to investigate also the affairs of any other company which is or has at any relevant time been deemed to be or have been related to the licensee by virtue of section 6 of the Companies Act 1967, the inspector has power to do so. (2) The inspector must report to the Council on the affairs of the other company so far as the inspector thinks the results of the investigation of the other company are relevant to the investigation of the affairs of the licensee. (3) The licensee and every officer or agent of the licensee must, if required by an inspector appointed under this Part, produce to the inspector all books and documents in its, his or her custody or power and must give to the inspector all assistance in connection with the investigation which it, he or she is reasonably able to give. (4) An inspector may, by written notice, require the licensee and any officer or agent of the licensee to appear for examination on oath or affirmation (which the inspector is authorised to administer) in relation to the business of the licensee. (5) The notice under subsection (4) may require the production of all books and documents in the custody or under the control of a licensee or any officer or agent of the licensee. (6) An inspector who pursuant to this section requires the production of all books and documents in the custody or power or under the control of an officer or agent of any licensee — ( a ) may take possession of all such books and documents; ( b ) may retain all such books and documents for such time as the inspector considers to be necessary for the purpose of the investigation; and ( c ) must permit the licensee to have access at all reasonable times to all such books and documents so long as they remain in the inspector’s possession. (7) A licensee or any officer or agent of the licensee who fails to comply with a requirement of any notice issued under subsection (4) or fails or refuses to answer any question which is put to it, him or her by an inspector with respect to the affairs of the licensee shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1,000. (8) A person who is or has formerly been an officer or agent of a licensee is not entitled to refuse to answer any question which is relevant or material to the investigation on the ground that the person’s answer might tend to incriminate the person. (9) If a person referred to in subsection (8) claims that the answer to any question might incriminate the person and, but for that subsection, the person would have been entitled to refuse to answer the question, the answer to the question must not be used in any subsequent criminal proceedings except in the case of a charge against the person for making a false statement. (10) Subject to subsection (8), a person is entitled to refuse to answer a question on the ground that the answer might tend to incriminate the person. (11) An inspector may cause notes of any examination under this Part to be recorded and reduced to writing, to be read to or by and signed by the person examined. (12) Any such signed notes may, except in the case of any answer which that person would not have been required to give but for subsection (8), thereafter be used in evidence in any legal proceedings against that person. [24H
—(1) If an inspector appointed to investigate the affairs of a licensee which is a company thinks it necessary for the purposes of the investigation to investigate also the affairs of any other company which is or has at any relevant time been deemed to be or have been related to the licensee by virtue of section 6 of the Companies Act 1967, the inspector has power to do so.
(2) The inspector must report to the Council on the affairs of the other company so far as the inspector thinks the results of the investigation of the other company are relevant to the investigation of the affairs of the licensee.
(3) The licensee and every officer or agent of the licensee must, if required by an inspector appointed under this Part, produce to the inspector all books and documents in its, his or her custody or power and must give to the inspector all assistance in connection with the investigation which it, he or she is reasonably able to give.
(4) An inspector may, by written notice, require the licensee and any officer or agent of the licensee to appear for examination on oath or affirmation (which the inspector is authorised to administer) in relation to the business of the licensee.
(5) The notice under subsection (4) may require the production of all books and documents in the custody or under the control of a licensee or any officer or agent of the licensee.
(6) An inspector who pursuant to this section requires the production of all books and documents in the custody or power or under the control of an officer or agent of any licensee — ( a ) may take possession of all such books and documents; ( b ) may retain all such books and documents for such time as the inspector considers to be necessary for the purpose of the investigation; and ( c ) must permit the licensee to have access at all reasonable times to all such books and documents so long as they remain in the inspector’s possession.
(7) A licensee or any officer or agent of the licensee who fails to comply with a requirement of any notice issued under subsection (4) or fails or refuses to answer any question which is put to it, him or her by an inspector with respect to the affairs of the licensee shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1,000.
(8) A person who is or has formerly been an officer or agent of a licensee is not entitled to refuse to answer any question which is relevant or material to the investigation on the ground that the person’s answer might tend to incriminate the person.
(9) If a person referred to in subsection (8) claims that the answer to any question might incriminate the person and, but for that subsection, the person would have been entitled to refuse to answer the question, the answer to the question must not be used in any subsequent criminal proceedings except in the case of a charge against the person for making a false statement.
(10) Subject to subsection (8), a person is entitled to refuse to answer a question on the ground that the answer might tend to incriminate the person.
(11) An inspector may cause notes of any examination under this Part to be recorded and reduced to writing, to be read to or by and signed by the person examined.
(12) Any such signed notes may, except in the case of any answer which that person would not have been required to give but for subsection (8), thereafter be used in evidence in any legal proceedings against that person. [24H
Report of inspector to be admissible in evidence
61. A copy of the report of any inspector appointed under this Part certified as correct by the Council is admissible in any legal proceedings as evidence of the opinion of the inspector and of the facts upon which the inspector’s opinion is based in relation to any matter contained in the report. [24I
Costs of investigations
62. The expenses of and incidental to an investigation by an inspector appointed under this Part must be paid out of the funds of the Council. [24J
Penalty for delaying or obstructing investigation
63. —(1) Any person who with intent to defeat the purposes of this Part, or to delay or obstruct the carrying out of an investigation under this Part — ( a ) destroys, conceals or alters any book, document or record of or relating to a licensee; or ( b ) sends or attempts to send or conspires with any other person to send out of Singapore any such book, document or record or any property of any description belonging to or in the disposition or under the control of a licensee, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 2 years or to both. (2) If in any prosecution for an offence under subsection (1) it is proved that the person charged with the offence — ( a ) has destroyed, concealed or altered any book, document or record of or relating to the licensee; or ( b ) has sent or attempted to send or conspired to send out of Singapore any book, document or record or any property of any description belonging to or in the disposition or under the control of the licensee, the onus of proving that in so doing the person had not acted with intent to defeat the purposes of this Part, or to delay or obstruct the carrying out of an investigation under this Part lies on the person. [24K
—(1) Any person who with intent to defeat the purposes of this Part, or to delay or obstruct the carrying out of an investigation under this Part — ( a ) destroys, conceals or alters any book, document or record of or relating to a licensee; or ( b ) sends or attempts to send or conspires with any other person to send out of Singapore any such book, document or record or any property of any description belonging to or in the disposition or under the control of a licensee, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 2 years or to both.
(2) If in any prosecution for an offence under subsection (1) it is proved that the person charged with the offence — ( a ) has destroyed, concealed or altered any book, document or record of or relating to the licensee; or ( b ) has sent or attempted to send or conspired to send out of Singapore any book, document or record or any property of any description belonging to or in the disposition or under the control of the licensee, the onus of proving that in so doing the person had not acted with intent to defeat the purposes of this Part, or to delay or obstruct the carrying out of an investigation under this Part lies on the person. [24K
Source: Singapore Statutes Online (Attorney-General's Chambers), © Government of Singapore.
