GIPC Investigates Chy Century Heng Yeng/ Sairui E-Commerce

Yofi Grant, GIPC boss

THE GHANA Investment Promotion Centre (GIPC) says it has taken notice of a public interest warning dated January 8, 2021 issued by the Securities and Exchange Commission (SEC) informing the general public that Chy Century Heng Yeng Group Limited/ Sairui E-Commerce Ghana Limited has not been licenced to carry out any Capital Market activity.

“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,” it disclosed in a statement issued yesterday.

SEC in a recent press statement announced that it had not licenced Chy Century Heng Yue Group Limited/Sairui E-Commerce Ghana Limited to engage in any capital market activity including investing or trading for returns.

According to the commission, “Chy Century Heng Yue Group Limited/Sairui E-Commerce Ghana Limited have not been licenced by the SEC to carry out any capital market activity including investing or trading for returns as mandated by Section 3 of the Securities Industry Act, 2016 (Act 929).”

It continued that Chy Century Heng Yue Group Limited/Sairui E-Commerce Ghana Limited were also not regulated by the SEC and therefore cautioned the general public to desist from investing in unlicenced products.

“The general and investing public is further advised to consult the SEC through its toll free line number 0800100065 or main line number 0302768970-2 to confirm the licencing status of any firm offering products or services relating to investments in the capital market.”

Furthermore, it noted, “The SEC wishes to reassure all market operators, investors and the general public that it is dedicated to ensuring rigorous implementation of all the rules for operators in the capital market in order to promote the orderly growth and development of an efficient, fair and transparent securities market in which investors and the integrity of the market are protected.”

This public interest warning is issued pursuant to Sections 3 and 208(c) of the Securities Industry Act, 2016 (Act 929).

SEC said one of its core functions was to maintain surveillance over activities in the securities industry and to protect investors by publishing at regular intervals information to the public to inform their investment decisions.

A business desk report

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here