GIPC investigates CHY Century Heng Yue Group after SEC warns public against company

The Ghana Investment Promotion Centre (GIPC) has said that it is investigating the operations of CHY Century Heng Yue Group Limited/Sairui e-commerce Ghana Limited. After the Security and Exchange Commission warned the general public against the company.

The SEC said the company has not been licensed 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).

A statement dated 8 January 20212 issued by the regulator said “CHY CENTURY HENG YUE GROUP LIMITED/SAIRUI E-COMMERCE GHANA LIMITED are therefore not regulated by the SEC. The General Public is advised to be cautious with investing in unlicensed 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 licensing status of any firm offering products or services relating to investments in the Capital Market.

The Securities and Exchange Commission (hereinafter referred to as “SEC”) is the statutory body mandated by the Securities Industry Act 2016 (Act 929) 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.

One of the core functions of the SEC is 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.

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 the Securities and Exchange Commission (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).

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Following this pronouncement by SEC, the GIPC said it has also taken steps to probe the matter further.

By Laud Nartey|3news.com|Ghana

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