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Don’t do capital market transaction with CHY – GIPC warns public

The Ghana Investment Promotion Centre has commenced investigations into the activities of embattled Chinese firm, CHY CENTURY HENG YENG GROUP LIMITED.

A statement issued by the GIPC said it’s an offence for the Chinese firm to undertake activities in the capital market.

“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),” GIPC said in its statement.

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.

SEC warns public against CHY(VIDEO)Video Player00:0004:26

Below is GIPC’s statement

GHANA INVESTMENT PROMOTION CENTRE (GIPC) INVESTIGATES CHY CENTURY HENG YENG GROUP LIMITED
The Ghana Investment Promotion Centre has taken notice of a public interest warning dated 8th January 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 licensed to carry out any Capital Market activity.

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).

Additionally, SAIRUI 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 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.
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