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13.01.2021 Business & Finance

GIPC investigates Chy Century Heng Yue Group

GIPC investigates Chy Century Heng Yue Group
LISTEN JAN 13, 2021

The Ghana Investment Promotion Centre (GIPC) has initiated an investigation into allegations that Chy Century Heng Yue Group Limited was engaged in capital market trading activities.

The GIPC action was triggered by a statement issued by the Securities and Exchange Commission (SEC) on January 8, 2021 warning the public to abstain from engaging in any capital market activity with Chy Century Heng Yue Group Limited and Sairuir-Commerce Ghana Limited.

The Centre in a statement issued by Mr Charles Opoku Mensah, Head, Public Relations Division and copied to the Ghana News Agency in Accra on Wednesday noted in accordance to the GIPC Act 2013 (Act 865) under section 24 (1) that it was mandated to register all enterprises with foreign participation in the country.

It said however, section 1(2) of Act 865, in relation to the registration of enterprises did not restrict compliance with the requirements of any other enactment.

Consequently, allegations that Chy Century Heng Yeng Group Limited was engaged in various activities including; Capital Market activities which were outside its registered objects at the GIPC, amounted to an offence under section 40 of the GIPC Act 2013(Act 865), the statement explained.

“Additionally, Sairuir 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.

“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 statutory bodies in their ongoing investigations and inform the public on its findings and next course of action,” it said.

The statement therefore encouraged the public to be vigilant and stay clear of any unlicensed investment scheme.

—GNA

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