Constancy Financial institution Ghana Amid rising regulatory issues and warnings in regards to the firm’s actions, the corporate introduced that it’s severing its relationship with an entity working beneath the title Constancy Capital Funding Group.
The financial institution mentioned in an announcement that it and its funding subsidiaries Constancy Securities Restrictedhas any affiliation, affiliation, or reference to any such group. The clarification comes within the wake of media stories and public debate suggesting a potential connection because of the shared use of the title “Constancy.”
The financial institution emphasised that Constancy Securities Restricted is a formally licensed and controlled funding and asset administration firm. Ghana Securities and Trade Feeoperates in full compliance with all regulatory necessities relevant to the monetary sector in Ghana.
“We wish to make clear that Constancy Financial institution Ghana and its subsidiary, Constancy Securities Restricted, aren’t affiliated, related or related in any manner with the entity or its actions,” the assertion mentioned.
The financial institution additionally expressed concern in regards to the potential for public confusion induced by means of the model title. The assertion mentioned such utilization might mislead traders right into a relationship the place none exists.
“We’re involved that the title ‘Constancy’ could also be utilized in a fashion which will trigger confusion or mislead the general public as to its affiliation with our model,” the financial institution mentioned in an announcement, urging the general public to train warning when coping with funding companies.
The clarification is finished as follows Ghana Securities and Trade Fee has warned the general public to not have interaction with Constancy Capital Funding Group, explaining that the entity is unauthorized and raises purple flags about its operations.
Deputy Director of the Committee; mensah thompsonmentioned in an interview that the corporate is just not permitted to function in Ghana’s capital market. He warned that the corporate seemed to be utilizing ways just like a Ponzi scheme, together with promising unusually excessive returns, particularly by messaging platforms resembling Telegram.
He suggested traders to keep away from placing cash into unregulated schemes, noting that such gives usually contain vital dangers and may result in lack of capital.
Constancy Financial institution Ghana reiterated its dedication to sustaining excessive requirements of integrity, transparency and buyer safety. The financial institution additionally inspired the general public to independently confirm the legitimacy and regulatory standing of funding establishments immediately with authorities companies. Ghana Securities and Trade Fee earlier than making any monetary choices.
The event highlights persevering with issues inside Ghana’s monetary sector about fraudulent funding schemes that exploit trusted model names to realize belief and appeal to unsuspecting traders.
Story: Andre Mustafa Nii Okai Inusa
Widespread title: Charming Mustafa
E mail: (e-mail protected)
Contact quantity: 00233244 259 564
