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GIPC begins investigations into activities of Chy Century Heng Yue Group

Ghana Ghana Business News

The Ghana Investment Promotion Centre, GIPC, has begun investigations into activities of Chinese companies, Chy Century Heng Yue Group Limited and Sairui E-commerce Ghana Limited.

This follows claims by Chy Century Heng Yue Group Limited and Sairui E-commerce Ghana Limited that they have registered with the Ghana Investment Promotion Center, hence their activities are legal.

A statement issued by the GIPC, explained that it is an offence for the Chinese firm to undertake activities in the capital market as it has not registered with the Centre.

Thus, “as a responsible state agency, it has commenced investigations into the 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.”

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The Centre also said CHY’s partners, Sairui E-commerce Ghana Limited is not registered by the Centre to operate, and as such, there is no record of activities by this particular enterprise.

“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. 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),” the statement noted.

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

SEC cautions public to desist from investing in Chy Century

It will be recalled that, following complaints about the activities of CHY Century Heng Yue Group Limited from concerned citizens, the Securities and Exchange Commission, SEC, the statutory body mandated to promote the orderly growth and development of the securities market in Ghana, in a press release dated January 8, 2021, cautioned the general public against dealing with Chy Century Heng Yue Group Limited and Sairui E-commerce Ghana Limited.

According to the SEC, it had not licensed the firm to carry out any capital market activity including investing or trading for returns as mandated by Section 3 of the Securities Industry Act. As such, Chy Century Heng Yue Group Limited, could not operate as an investment firm.

Click here for the full statement:

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