GIPC investigating unlicensed investment company

The Ghana Investment Promotion Centre says it has commenced investigations into the operations of the Chy Century Heng Yeng Group Ltd/ Sairui E-Commerce Ghana Ltd in the country’s capital market.

It said the company had not been licensed to carry out any capital market activity.

It would be recalled that the Securities and Exchange Commission on January 8, 2021 issued a statement informing the general public that the above mentioned company had no authorisation to operate in the capital market.

“For the avoidance of doubt, it must be noted that the GIPC Act 2013 (Act 865) under section 24 (1) mandates the GIPC to register all enterprises with foreign participation in Ghana. However, section 1(2) of Act 865, in relation to the registration of enterprises does not restrict compliance with the requirements of any other enactment,” a statement issued by the GIPC in Accra yesterday said.

It said “Consequently, allegations that Chy Century Heng Yeng 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).”

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

“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. In the intervening period, we encourage the general public to be vigilant and stay clear of any unlicensed investment scheme,” the statement said.


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