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GIPC investigates illegal Chinese Investment firm

Yofi Grant China Week GIPC boss, Yofi Grant

Wed, 13 Jan 2021 Source: www.ghanaweb.com

The Ghana Investment Promotion Centre (GIPC) has launched an investigation into the operations of a Chinese investment firm, Chy Century Heng Yue Group Limited and its partner, Sairui E-commerce Ghana Limited.

According to the business regulator, Chy Century Heng Yue Group Limited breached the GIPC law as its engagement in capital market activities wasn’t included in their operations.

This, the GIPC said was an offence under section 40 of the GIPC Act 2013 (Act 865).

In a press release copied to GhanaWeb, the GIPC said “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."

"Consequently, allegations that Chy Century Heng Yue Group Limited is engaged in various activities including Capital Market activities which are outside its registered objects at the GIPC, amounts to an offence under section 40 of the GIPC Act 2013(Act 865),” part of the statement read.

The business regulator also noted that from their checks, Sairui E-commerce Ghana Limited has not been registered with the GIPC.

“Sairui E-commerce Ghana Limited, which was also mentioned in the publication is not registered with GIPC and as such the Centre has no record of any activity by this particular enterprise,” the statement added.

The action taken by the GIPC follows the announcement made by the Securities and Exchange Commission cautioning Ghanaians to desist from investing in the Chinese firm.

Read below GIPC's statement.

Source: www.ghanaweb.com