s 33 Inspection and investigation of finance companies and production of books, etc.
33.—(1) The Authority may, from time to time, inspect or cause to be inspected under conditions of secrecy, the books, accounts and transactions of any finance company and of any branch, agency or office outside Singapore opened by a finance company incorporated in Singapore. (2) The Authority may at any time make an investigation, under conditions of secrecy, of the books, accounts and transactions of a finance company, if the Authority has reason to believe that the finance company —(a) is carrying on its business in a manner detrimental to the interests of its depositors and other creditors; (b) has insufficient assets to cover its liabilities to the public; or (c) is contravening the provisions of this Act. (3) The Authority may appoint any auditor, other than the auditor appointed by the finance company under section 205 of the Companies Act 1967, to exercise the powers of the Authority under subsections (1) and (2). (4) For the purpose of an inspection or investigation under this section, a finance company must afford the Authority access to its books, accounts and documents and must give any information and facilities that may be required to conduct the investigation. (5) No books, accounts and documents mentioned in subsection (4) are to be required to be produced at any time and at any place that would interfere with the proper conduct of the normal daily business of that finance company. (6) If any book, account or document or information is not produced in accordance with subsection (4), the finance company concerned shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 and to a further fine of $1,000 for every day during which the default continues after conviction.