The Ghana Investment Promotion Centre (GIPC) has said Chinese investment firm, Chy Century Heng Yue Group Limited has committed an offence for undertaking activities in the capital market.
According to the GIPC, though Chy Century Heng Yue Group Limited is a registered firm, it does not have the permission to engage in investments or any capital market operations.
Reacting to the warning issued by the Security Exchange Commission, the GIPC noted that it has begun investigations into the matter and necessary actions will be taken afterwards.
In a press statement copied to GhanaWeb, the business regulator said, “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),”
It furthered that, “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.”
SEC on Monday, January 11, 2020 issued a warning to Ghanaians to advise them to not invest in Century Heng Yue Group Limited and its partner, Sairui E-commerce Ghana Limited.
The capital market regulator explained that the announcement was in pursuant to Sections 3 and 208(c) of the Securities Industry Act, 2016 (Act 929).
Read below GIPC's statement.