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The Ghana Investment Promotion Center (GIPC) has launched an investigation into allegations that Chy Century Heng Yue Group Limited was engaged in trading activities in the financial markets.
The GIPC action was triggered by a statement issued by the Securities and Exchange Commission (SEC) on January 8, 2021 warning the public to refrain from all activity in the capital market with Chy Century Heng Yue Group Limited and Sairuir- Commerce Ghana Limited.
The Center, in a statement released on Wednesday by Mr. Charles Opoku Mensah, Head of the Public Relations Division, noted, in accordance with the 2013 GIPC Act (Act 865) under section 24 (1), that he was mandated to register all companies with foreign participation in the country.
However, she indicated that Article 1 (2) of Law 865, concerning the registration of companies, did not restrict compliance with the requirements of any other legislation.
Therefore, the allegations that Chy Century Heng Yeng Group Limited was engaged in various activities, including; Capital market activities that were outside of its objects registered with the GIPC constituted an offense within the meaning of article 40 of the GIPC law of 2013 (law 865), the statement explained.
“Further, Sairuir E-Commerce Ghana Limited, also mentioned in the post, is not registered with GIPC and as such the Center has no record of any activity of this particular company.
“For the safety of the public, the GIPC, as the responsible state body, has therefore opened investigations into the said allegations and will assist the other statutory bodies concerned in their ongoing investigations and will inform the public of its findings and the next course of action, ”he said. .
The statement therefore encouraged the public to be vigilant and to stay away from any unlicensed investment program.
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