The management of CHY Century Heng Yue Group Limited/Sairui E-Commerce Ghana Limited has responded to the public interest warning issued by the Securities and Exchange Commission (SEC) dated 8th January 2021 and the communique published by the Ghana Investment Promotion Centre (GIPC) on 13th January 2021.
According to the Chinese originated electronic commerce firm, its operations does not fall within the activities regulated by SEC and GIPC because it does not carry out capital market dealings including investing or trading for returns and future exchanges therefore, its establishment is not breaching Section 3 of the Securities Industry Act, 2016 (Act 929) as well as Section 40 of the GIPC Act 2013 (Act 865).
“In CHY MALL, we operate an E-Commerce New Retail Trading Platform where such goods as quantum energy products, purchased and sold through the new retail concept blended with network marketing compensation plan.
“It is in our firm belief that the operation of this new retail concept does not fall within the capital market or futures exchanges activities regulated by the SEC and GIPC”.
“We do not accept deposits from customers,” CHY Mall management opined emphasizing that its outfit does not invite deposits from customers and also it neither deals in securities, commodities and futures exchanges.
“Our customers earn commission and bonuses in accordance with the compensation plan for promoting the health products,” they added.
CHY Century Heng Yue Group Limited/Sairui E-Commerce Ghana Limited further asserted that in respect of the allegations made against its outfit, it is requesting that SEC and GIPC explain which “particular activity listed under Section 3 of the securities industry Act 2016 or the Regulation is being carried out unlawfully by CHY Mall to enable us comply or remedy the noncompliance”.
“We are ready to comply accordingly and wish it can be done as soon as possible”.
The CHY Mall management further said it wants to reiterate to all its customers, members, the general public, as well as new prospects and soon to be members that, the CHY Mall business in nature is an E-Commerce Online trading platform that provides awesome New Retail Trading Concept which presents a “wonderful and lifetime opportunity partnering with CHY Mall”.
“We are never an investment company and rightly so, never will be”.
“Please trade in CHY Mall with care and within own limit”.
Finally, CHY Mall encouraged its service centres and leaders especially within Ghana to embark on proper, rigorous sensitisation and public education to create the needed awareness of the CHY Mall business model and nature, adding that its cherished members, customers, and the generalpublic should not hesitate to forward their issues to the Customer Service so it can be resolved promptly as always because “we continue to cherish and value the business relationship that exist with you all”.
“Once again, we urge all members and leaders to not bring repeated issues and look for more than one Customer Care at any given time. They will not handle any of the same issues posted by the same members/leaders to more than one Customer Care.
“It is also extremely important to mention, the need for all customers to manage and take very good care of their CHY MALL accounts as the company is not responsible for any loss of property in the CHY MALL due to the carelessness of any CHY members”.
