Global Trade Corporation ordered to cease its irregular activities

Finance

Thursday, 25 March 2021 16:16

Global Trade Corporation ordered to cease its irregular activities

(Togo First) - Only a few days after Ghislain Awaga publicly tried to reassure concerned investors, the youth and his company - Global Trade Corporation (GTC) - were warned to immediately cease their irregular activities by the Regional Public Savings and Capital Markets Council (CREPMF).

In a statement, the Abidjan-based Council noted: “Global Investment Trading (Liyeplimal), Global Trade Corporation, High Life, and Chy Mall which claim to be specialized in cryptocurrency trading, dropshipping, etc., proceed to the irregular collection of funds from the public promising them returns.” The list provided by the CREPMF “is not exhaustive given that new unauthorized operators keep emerging.”

The CREPMF urges the GTC and other companies mentioned to contact competent authorities “ to conform to the regulation in place, at the risk of facing sanctions.”

According to a report by a cheated Chy Mall client, the firms do not have the approval they need from the regional council to proceed to public fundraising on the WAEMU regional financial market.

The CREPMF’s warning further jeopardizes Awaga’s efforts to put back his struggling business afloat. The entrepreneur for his part attributes his troubles to his recent decision to migrate towards the real economy.

Séna Akoda

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REFORMS OVERVIEW

STARTING A BUSINESS (more info)

At the fifteenth position, worldwide, and first in Africa, under the Starting a Business index of the 2020 Doing Business ranking, Togo sustains its reformative dynamics with more reforms….

ENFORCING CONTRACTS (more info)

Compared to some years ago when it was one of the lowest rankers under the Doing Business’ Enforcing Contracts indicator, Togo, leveraging many efforts to improve its business climate, was able to jump significantly on the index in the recent years... .

CONTRACT EXECUTION (more info)

Creation of special chambers of commerce for small debts • Creation of chambers of commerce at the Court of Appeal • Civil and commercial cases now handled by distinct clerks • Establishment of commercial courts in Lomé and Kara • Lawyers and bailiffs now have access to the FORSETI COMMERCIAL platform • A maximum period of 100 days was fixed to settle a commercial dispute .

TRADING ACROSS BORDERS (more info)

In comparison to previous years,Togo has significantly improved its ranking under the“Trading across borders” indicator by adopting multiple reforms that focus mainly on the digitization and reduction in delays, for import and export procedures related to import and export.

In comparison to previous years, Togo has significantly improved its ranking on the “Trading across borders” index by adopting multiple reforms that focus mainly on the digitalization and reduction in delays, for import and export procedures related to import and export.

CONSTRUCTION PERMIT (more info)

After moving from the 133rd to 127th place under the 2020 Doing Business’ construction permit index, Togo intends to reiterate this feat in the coming edition of the global ranking. To this end, it has introduced this year multiple reforms.

GETTING ELECTRICITY (more info)

Over the past two years, Togo’s ranking under the Doing Business’ Getting electricity and water indicator has increased consistently. Owing this performance to multiple reforms aimed at making it easier for businesses to access power and water, Lomé plans to introduce even more reforms this year to keep up its improvements.

REGISTERING A PROPERTY (more info)

Out of all the 'Doing Business’ indicators, Property Registration is where Togo has improved the most since 2018. Indeed, after spending years in the lowest part of this ranking, the country now seeks to beat Rwanda which is the best performer on this index in Africa. To do so, Lomé has been introducing many reforms, with the latest batch implemented this year.

PUBLIC PROCUREMENT (more info)

From professionalization to digitization, through legislative regulations, Togo’s public procurement framework is constantly being modernized. Several reforms have been implemented to improve the sector much to the benefit of the private sector, which is the focus of the National Development Plan.

PAYING TAXES AND DUTIES (more info)

To improve its business environment, Togo introduced some important reforms related to the payment of tax and duties. From the replacement of some taxes to the cancellation of others through exemptions, the country has only one objective: offer the most attractive tax framework to investors and economic operators. To achieve this, the authorities relied on digitization.