A report by the Criminal Investigations Department (CID) of the Ghana Police Service has found no wrongdoing against Sesi-Edem Company Limited in the alleged $14.315 million gold fraud case involving the Volta Regional representative of the Council of State, Dr. Gabriel Tanko Kwamigah-Atokple.
The CID report concluded that investigators did not establish any incriminating evidence against Sesi-Edem Company Limited in relation to a contract linked to the disputed gold transaction, despite earlier allegations of defrauding by false pretences under Section 131 of the Criminal Offences Act, 1960 (Act 29).
The case was triggered by a petition filed on December 18, 2025, by Lithur and Brew Company, a legal and investment firm, on behalf of TAVEST FZCO, a Turkish investment company. The petition alleged that JG Resources Limited received payment for 50 kilogrammes of gold but failed to fully deliver the consignment or refund outstanding funds.
Investigators found that TAVEST FZCO had entered into an agreement with JG Resources Limited on May 25, 2025, represented by director Kwaku Appiah Yeboah. The company allegedly received $14.315 million transferred from the United Arab Emirates into an Access Bank account as payment for the gold.
However, only gold valued at $7.515 million was reportedly supplied, leaving a balance of about $6.8 million in undelivered gold or unpaid refunds.
The CID report noted that directors of JG Resources Limited, Kwaku Appiah Yeboah and lawyer Papa Yaw Owusu Ankomah, were arrested, cautioned, and granted bail during investigations. Another individual, Frank Kofi Adjetey Wood, CEO of Frank City Mineral and Oil Company Limited, was also arrested and granted bail after it emerged that gold was sourced from multiple suppliers.
During investigations, JG Resources Limited reportedly indicated that gold was obtained from several firms, including Goldline Mining Limited, Frank City Mineral and Oil Company Limited, Demensah Company Limited, and Sesi-Edem Company Limited.
The report further revealed that Dr. Gabriel Tanko Kwamigah-Atokple was invited by investigators, where he provided a statement and supporting contractual documents.
CID findings showed that JG Resources Limited later signed a separate contract with Sesi-Edem Company Limited on June 5, 2025, for the supply of 50 kilogrammes of gold, with the agreement running until June 5, 2026.
Investigators stated that evidence indicated Sesi-Edem had supplied 32.8 kilogrammes of gold under the contract, with deliveries made at its premises.
“In view of the evidence available, nothing incriminating has been established against Sesi-Edem Company Limited so far as the above stated contract is concerned,” the CID report concluded.
The findings are consistent with a ruling by the Adenta High Court on March 25, 2026, which held that the matter did not fall within the mandate of the Economic and Organised Crime Office (EOCO) under Section 3 of the EOCO Act, 2010 (Act 804).
The court also noted that Sesi-Edem Company Limited held a valid gold trading licence issued by the Precious Minerals Marketing Company in August 2024, valid until August 2025, and had authorisation under a government agreement.
Although the Goldbod Act revoked earlier licences, the court observed that a public notice issued on May 22, 2025 allowed existing licence holders to continue trading until June 21, 2025.
It therefore ruled that Sesi-Edem’s contract with JG Resources Limited, signed on June 5, 2025, was executed within the permitted period and was lawful.
Source:
oyerepafmonline.com