The Ghana Investment Promotion Center says it is an offence for Chinese firm, CHY CENTURY HENG to undertake activities in the capital market.

The Center also said CHY's partners, SAIRUI E-COMMERCE GHANA LIMITED is not registered by the Center to operate, and as such there is no record of activities by this particular enterprise.

In a statement, GIPC said “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).”

It explained that GIPC as a responsible state agency 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.

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

SEC warns public to desist from investing in Chy Century

The Securities and Exchange Commission (SEC) had earlier warned the general and investing public to beware of investment firm, Chy Century Heng Yue Group Limited and its partner, Sairui E-commerce Ghana Limited that has been undertaking electronic investments transactions.

According to the capital market regulator, 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.

“The general public is hereby put on notice that CHY CENTURY HENG YUE GROUP LIMITED/SAIRUI E-COMMERCE GHANA LIMITED have not been licensed by 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 said in a statement.