Section 28
Section 28
(1)
If, whether because of information received pursuant to the requirements of sections 21, 23(1), 24(1) or otherwise, it appears to the Authority that it is in the interests of the participants in a registered fund or in the public interest to do so, the Authority may institute an investigation under this section into such of the following matters as the Authority considers appropriate -
188
(a}
the state or conduct of all or any of the affairs, business or property of the fund; and
(bj the state or conduct of such of the affairs, business or property of a manager, administrator, trustee or custodian of the fund as are relevant to the fund.
(2)
For the purposes of an investigation under this section, the Authority shall appoint as an inspector a person whom the Authority considers to be suitably qualified to investigate and report to him on the state and conduct of the affairs, business and property specified by the Authority and, according as may be so specified, either as a whole or, as the case may be, in any particular respect.
(3)
The Authority may, at any time after making an appointment under subsection (2), and before the inspector so appointed reports to him, direct that inspector to inquire into any further aspect of the affairs, business or property of the registered fund or former such fund, or, as the case may be, the person named in the direction.
(4)
An inspector who is not a public officer shall be paid such remuneration and allowances and be appointed on such other terms and conditions as the Minister shall determine.
(5)
On receipt of the report of an inspector, the Authority may do such one or more of the following -
189
(a}
if he is of the opinion that it is in the public interest to do so, cause the whole or any part of the report to be published in such manner as he determines:
Provided that nothing in a report published under this paragraph shall-
(i)
enable any particular participant in a registered fund or former such fund to which the report relates to be identified;
and
(ii)
reveal details of the affairs of any such participant without his consent;
(b)
require the inspector to report further on any matter arising from the report;
(c)
where the report relates to a registered fund and the High Court has jurisdiction to wind-up the fund, present a petition for that purpose to the court; and
(d)
if it appears from the report that an offence may have been committed by any person, refer the report to the Attorney General, and for the avoidance of doubt it is hereby declared that any such report to the
Authority shall enjoy qualified privilege.
(6)
Any reference in the preceding provisions of this section to a registered fund includes a reference to a former registered fund, but the Authority shall not make an appointment under subsection (2) as regards a former registered fund if that fund ceased to be a registered fund before the commencement of the period of 12 months beginning on the date of the institution of the investigation under subsection (1).
{7)
Where-
(a)
a report under this section is made as regards a registered fund or a former registered fund;
(b)
proceedings in the High Court are instituted by one or more of the participants in the fund;
(c)
the proceedings are issued against a manager, administrator, trustee or custodian of the fund; and
(d)
having had regard to the report or any other evidence, it appears to the court that there was on the part of the defendant or, in case there are more than one, on the part of all or any of the defendants, an act or omission which-
(i)
related to the fund's affairs;
(ii)
was such as was likely to cause all or any of the participants in the ftind financial loss; and
(iii)
in fact caused the plaintiff, or, in case there are more than one, all or any of the plaintiffs financial loss, the court may award such damages against, or afford such other relief to, such of the parties to the proceedings as it may consider appropriate.
[8)
Any person who -
(a)
with intent to defeat the purposes of this section or to delay or obstruct the carrying out of an investigation under this section -
(i)
conceals, destroys, mutilates or alters any record, book, account, certificate or any other document relating to a matter which is the subject of the investigation; or 190
(ii)
sends, or causes to be sent, or conspires with another person to send, out of Brunei Darussalam any document or other thing mentioned in sub-paragraph (i); or
{b)
knowingly furnishes to an inspector any information which is false or misleading in a material particular, shall be guilty of an offence and liable on conviction to a fmc not exceeding
$200,000, imprisonment for a term not exceeding 2 years or both.
(9)
In this section, "conduct" includes management or administration and, in relation to property, also includes mortgaging or otherwise charging the property and the creation of any other estate or interest in it.
( 10)
Any reference in the preceding provisions of this section to a manager, administrator trustee or custodian of, or to a participant in, a registered fund or former registered fund includes a reference to any person who has been but no longer is such a manager, administrator, trustee, custoP.ian or participant.
(11)
Part 1 of the Second Schedule shall apply to investigations held pursuant to this section.
Registered fund's insolvency.