A multi-million dollar gold transaction involving a foreign investor and a Ghanaian company is under investigation by the Special Investigations Unit (SIU) of the Ghana Police Service.
The case stems from a petition submitted on behalf of TAVEST FZCO, a Turkish investment company represented by Rahman Sahsenas, through legal practitioner Tony Lithur.
According to the petition, TAVEST entered into an agreement on May 25, 2025, with JG Resources Limited, represented by Kwaku Appiah Yeboah, for the supply of 50 kilogrammes of gold bars.
Police records indicate that a total of $14.315 million was transferred to JG Resources through an Access Bank account as payment for the gold.
However, investigators say only part of the agreed quantity was delivered, with gold valued at approximately $7.515 million supplied, leaving an outstanding balance of about $6.8 million in either undelivered gold or unreturned funds.
Efforts at restitution—through either refund or completion of supply—were unsuccessful, prompting the matter to be referred to the police.
Police action
Following the complaint, the SIU invited and obtained a statement from Sahsenas.
He identified Kwaku Appiah Yeboah, Papa Yaw Owusu Ankomah, and Maame Akosua Asama Kuranchie as directors of JG Resources Limited.
Police subsequently arrested Mr Appiah Yeboah and Mr Ankomah, who were later granted bail pending further investigations.
During interrogation, the suspects stated that the gold was sourced from several companies, including Goldline Mining Limited, Frank City Mineral and Oil Company Limited, Demensah Company Limited, and Sesi Edem Company Limited.
As part of the investigation, Frank Kofi Adjetey Wood, Chief Executive Officer of Frank City Mineral and Oil Company Limited, was arrested, cautioned, and granted bail.
Gabriel Kwamigah Kwabla, Chief Executive Officer of Sesi Edem Company Limited, was also invited by police and provided a statement along with contractual documents.
Investigators established that JG Resources Limited, incorporated on April 7, 2025, entered into a contract with Sesi Edem Company Limited for the supply of gold.
Police findings indicate that 32.8 kilogrammes of gold have so far been supplied under that arrangement, out of the contracted 50 kilogrammes.
Based on available evidence, investigators say no incriminating findings have been made and that the investigation is ongoing to determine responsibility for the outstanding balance and whether any criminal wrongdoing can be established.
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Source: www.myjoyonline.com
