SEC refers CHY Century Heng Yue Group Limited to EOCO

Information gathered reveals that the Security and Exchange Commission has concluded its investigations and forwarded the case to the Economic and Organised Crime Office regarding two companies purporting to be investment firms.

The Securities and Exchange Commission (SEC) on January 8, 2021 issued a notice strongly warning the public against dealing with Chy Century Heng Yue Group Limited and Sairui E-Commerce Ghana Limited, as they had not been licenced by the Commission to carry out any capital market activity including investing or trading for returns.

Following this, the Ghana Investment Promotion Centre (GIPC) has also come out to add more clarity to the matter, saying that despite Chy Century Heng Yue Group Ltd. registering with the GIPC, the Act doesn’t allow it to engage in activities outside its registered objects – hence, the company is engaged in illegality.

“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),” a notice from the authority stated.

With regard to Sairui E-Commerce Ghana Limited, the GIPC says it has not registered the company under its umbrella, and as such the Centre has no record of any activity by this particular enterprise. It has therefore pledged its support to assist the relevant investigative bodies with any information required to bring these unscrupulous companies to book.

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

The SEC public notice

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 in order 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 licenced 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).

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 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 licensing status of any firm offering products or services relating to investments in the Capital Market.

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).

Source: bftonline.com

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