Cap. 376 Art. 15Appointment of inspectors.

(1) The competent authority may, whenever it deems necessary or expedient, appoint an inspector or inspectors to investigate and report on the affairs, nature, conduct or state of a financial institution’s business or any particular aspect of it, or to report on the ownership or control of the financial institution.

(2) An inspector appointed under sub-article (1) -

(a) may also, if he thinks it necessary or expedient for the purposes of that investigation, investigate the affairs of any other person as prescribed under article 14(12);

(b) shall have and may exercise all the powers conferred on the competent authority by article 14, and any requirement made by him shall be deemed to be and have the same force and effect as a requirement of the competent authority;

(c) may, and if so directed by the competent authority shall, make interim reports and on the conclusion of his investigation shall make a final report to the competent authority.

(3) The competent authority shall have the power to order that all expenses of, and incidental to, an investigation pursuant to this article be paid by the persons or financial institution concerned.

(4) Any investigation being carried out pursuant to sub-articles

(1) and (2) shall be notified in writing to the person under investigation.

(5) It shall be the duty of every person who is or was an officer, employee, agent, or auditor of a person under investigation in terms of this Act and any regulations and, or Rules issued thereunder, or any person appointed to draw up a report in respect of that person under this Act and any regulations and, or Rules issued thereunder and any person who has a qualifying shareholding in, or is a controller the said person under investigation:

(a) to produce to the inspector or inspectors appointed under sub-article (1), within such time and at such place as may be required by the inspector or inspectors concerned, all the documents relating to the person under investigation which are in his custody or power;

(b) to attend before the inspector or inspectors at such time and place as the inspector or inspectors may require; and, or

(c) otherwise to give to the inspector or inspectors all assistance in connection with the investigation which he is reasonably able to give, and the inspector or inspectors concerned may retain copies of or extracts from, any documents produced to them under paragraph (a).

(6) An inspector exercising powers by virtue of an appointment under this article shall, if so required, produce evidence of his authority.

(7) No person shall:

(a) without any lawful excuse fail to produce any document which it is his duty to produce under sub-article (5);

(b) without any lawful excuse fail to attend before an inspector or inspectors appointed under sub-article (1), when required to do so; or

(c) without any lawful excuse fail to answer any question which is put to him by an inspector or inspectors appointed under sub-article (1) with respect to any person who is under investigation.

(8) A statement made by a person in compliance with a requirement imposed by virtue of this article may be used as evidence against him.