YEN.com.gh has been informed that the Securities and Exchange Commission (SEC) has begun investigations into at least three online investment companies that are operating illegally.
Citi Business News is reporting that these companies are selling investment packages to Ghanaian consumers without any physical presence in the country.
Although the SEC is not immediately providing the names of the said companies, the Citi News report holds that the deputy director of the SEC, Paul Ababio, said his outfit is working with the Economic and Organized Crime Office, (EOCO) to locate the operators of the said companies.
According to the SEC, the move forms part of efforts of the commission to strengthen the investment space.
Ababio is quoted as saying: “Some are even online businesses marketing certain products in Ghana.
Or at least they haven’t established a physical location yet. It’s been very preliminary and it’s a new area of our work that we are going to be quite strong on as well."
He added, “We will be coming out shortly with a lengthier statement. And actually name some of these firms as well. Firms illegally operating in the investment space, I think that will be how to characterize it."
The SEC has come under attack from some analysts who have criticised the commission for what they say is regulatory failure resulting in the loss of millions of cedis of some collapsed investment funds.
Although it is not clear which companies the authorities are after, YEN.comm.gh can report some new betting companies have come up on the Ghanaian cyberspace.
However these companies do not have physical presence in Ghana. Some of these companies are 1xbet.com, Sportybet.com among others.
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