The Securities and Exchange Commission (SEC) has intimated that it did not shut down the operations of CHY Century Heng Yue Group Limited/ SAIRUI E-Commerce Ghana Limited because its establishment’s mandate among other things, requires that they caution the general and investing public as well as notify appropriate law enforcement agencies of the activities of such unlicensed companies.
The Deputy Director-General Legal, of the Securities and Exchange Commission (SEC), Mrs. Deborah Mawuse Agyemfrah gave these clarifications when interviewed for further updates on the public interest warning issued by her outfit involving CHY Century Heng Yue Group Limited and SAIRUI E-Commerce Ghana Limited.
“What the SEC has done after warning the public, is to inform law enforcement agencies to carry out their own investigations and take whatever steps they have to take to protect the Ghanaian investor.
“We have our mandate, and our mandate requires that for an entity that is not licensed by us, we do not shut them down, but rather we inform the appropriate authorities on what we have uncovered. They then can take whatever action they want to take.”
As it stands now, CHY Century Heng Yue Group Limited /SAIRUI E-Commerce Ghana Limited has engaged in various activities specifically Capital Market activities including investing or trading for returns which are outside its registered objects amounting to a breach of section 40 of the GIPC Act 2013(Act 865) as well as Section 3 of the Securities Industry Act, 2016 (Act 929) and as such it is liable to face all the consequences and sanctions of its actions as the law prescribes, if found guilty upon completion of the investigations.
More so, Sairui E-Commerce Ghana Limited, the African chapter of the Chinese E-commerce firm with its head office in Accra, which was also mentioned in the Commission’s publication is not registered with the Ghana Investment Promotion Center which is mandated to keep records of foreign enterprises with representations in Ghana and as such has no record of any activity by this particular enterprise.
Owing to this, Mrs. Deborah Mawuse Agyemfrah revealed that as a State Agency responsible for the safety of the general public, the Securities and Exchange Commission has therefore referred the matter of the Chinese originated electronic investment firm: CHY Century Heng Yue Group Limited/ SAIRUI E-Commerce Ghana Limited to the Economic and Organised Crime Office (EOCO) to conduct the necessary investigations into the allegations raised against their operations.
The Securities and Exchange Commission (SEC) went on to disclose that, for some time now it had been receiving complaints about the activities of CHY Century Heng Yue Group Limited from dissatisfied and concerned citizens via phone calls and emails, hence, necessitating their establishment to take immediate action to address such concerns.
The general and investing public has therefore been cautioned by the Commission to desist from transacting any business with CHY Century Heng Yue Group Limited and SAIRUI E-Commerce Ghana Limited in the intervening period as investigations are ongoing to ascertain the depth of the issue.
