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The Minister of Finance under the provision of Section 80 of the Constitution of Negara Brunei Darussalam (Financial Procedure) Order, is responsible for the control and management of public finances of Brunei. Among others, the Minister is responsible for the supervision, control and direction of all matters relating to the financial affairs of Brunei such as the Consolidated Fund, the Consolidated Revenue Account, the Consolidated Loan Account, the Consolidated Trust Account including the preparation of their annual statements.

In carrying out his responsibility, the Minister of Finance, with the consent of His Majesty the Sultan dan Yang Di-Pertuan of Brunei Darussalam, has the power to write off losses or deficiencies of public money and the value of lost, deficient, condemned, unserviceable or obsolete stores and to abandon irrecoverable amounts of revenue, debts and overpayment.

In addition, with the consent of His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam after consultation with the Public Service Commission and with the Treasury, has the power to surcharge against any person who is or was in the employment of the Government of Brunei who :-

has failed to collect any moneys owning to the Government for the collection of which he or she was responsible;

is or was responsible for any improper payment of public moneys of Brunei or for any payment of such moneys of which is not duly vouched for ;

is or was responsible for any deficiency in, or for the destruction of, any public moneys, stamps, securities, stores, or other property of the Government.

As well, the Minister of Finance may recover any amount of surcharge and may make regulations called the Financial Regulations to provide among others for preparation of estimates of revenue and expenditure.

Under the provision of the Brunei Investment Agency Act Chapter 137 of the Laws of Brunei, the Minister of Finance, among others, has the power to do all acts or things he considers necessary or expedient to give effect to transfer to and vested in the Agency any movable property, assets, rights, interests and privileges as constitute any part of the General Reserved Fund, together with any debts, liabilities or obligations connected without the requirement of any further action.

Also under the provision of the Brunei Investment Act section 4 of Chapter 137, the Minister of Finance may take all steps and incur any expenditure that may be required in order to recover or protect assets and property that are or may be, or are or may be derived from the property of the Government or the Agency and to hold, manage and deal with the same on such terms as the Agency in its absolute discretion shall see fit.

Under the provision of section 179A of The Companies Act, when a winding-up order has been made, the Official Receiver may, at any time when he is the provisional liquidator of the company, apply to the Minister of Finance for the appointment of a person as liquidator in his place.

Under provision of section 181 shall apply to a liquidator appointed by the Minister of Finance as if he had been appointed by the Court. If such appointment be the Minister of Finance has the effect that the office of liquidator is to be held by more that one person, the appointment shall declare whether any act authorised or required to be done by the liquidator is to be done by all or any one of the persons appointed.


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