The Ghana Investment Promotion Centre (GIPC), says it has commenced investigations into alleged investment activities of Chinese firms, Chy Century Heng Yue Group Limited and Sairui e-commerce Ghana Limited.
Investigations into the activities of the two firms by GIPC, as mandated by the GIPC Act 2013 (Act 865), section 24 (1) which requires that all companies with foreign participation in Ghana register with the Centre, follows a publication by the Securities and Exchange Commission (SEC) on Friday, January 8, cautioning the general public of the illegal activities of the two companies.
Although GIPC, admitting to the fact that one of the named Chinese companies – Chy Century Heng Yue Group Limited – had registered with the Centre, its engagement in capital market activities in the country were “outside its registered objects at the GIPC,” and a contravention of Section 40 of the GIPC Act 2013 (Act 865).
Sairui e-commerce Ghana Limited, GIPC however noted, is not registered with the Centre and as such has no record of any activity of the company.
“For the safety of the public, the GIPC as a responsible State Agency has therefore commenced investigations into the said allegations and will assist other relevant state agencies in their ongoing investigations and inform the general public on its findings and next course of action,” said GIPC in a press release on Wednesday.
Read below details of the press release:
Press Release – Gipc Investigates Chy Century Heng Group Update 3 by Fuaad Dodoo on Scribd
Background
The Securities and Exchange Commission (SEC) on Friday, January 8, 2021, issued a notice cautioning Ghanaians to stay away from two Chinese firms known as Chy Century Heng Yue Group Limited/Sairui e-commerce Ghana Limited undertaking electronic investment transactions in the country.
According to SEC, it has not licensed the firms to carry out any capital market activity including investing or trading for returns as mandated by Section 3 of the Securities Industry Act, 2016 (Act 929).
SEC in issuing the caution reassured all market operators, investors and the general public that it is dedicated to ensuring rigorous implementation of all the rules for operators in the capital market in order to promote the orderly growth and development of an efficient, fair and transparent securities market in which investors and the integrity of the market are protected.
