SEC warns Ghanaians about illegal Chinese investment firm

The Securities and Exchange Commission (SEC) has issued a warning to Ghanaians, especially investors, to desist from investing in an unauthorized Chinese firm; Chy Century Heng Yue Group Limited and its partner, Sairui E-commerce Ghana Limited.

According to SEC, the afore-mentioned financial institution, which has been undertaking electronic investment transactions has not been licensed to operate in Ghana.

The capital market regulator added that it has no right to also engage in any capital market activity including investing or trading for returns as required by Section 3 of the Securities Industry Act.

In a statement as quoted by myjoyonline, SEC announced that, “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 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).”

It explained that the declaration made by SEC was in pursuant to Sections 3 and 208(c) of the Securities Industry Act, 2016 (Act 929).

SEC, therefore, advised investors to consult its outfit anytime they are either in doubt of an investment firm or want to make an investment in any of the financial institutions to know their eligibility.

Source: www.ghanaweb.com