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….Sued over frozen bank account amid forgery allegations
The US$17 million gold transaction reported to the Criminal Investigations Department (CID) of the Ghana Police Service by Turkish firm Tayvest-FZCO has taken a fresh turn, with the Economic and Organised Crime Office (EOCO) being dragged before the Human Rights Division of the High Court over its decision to freeze the bank account of a third party.
The development follows a petition to EOCO by JG Resources Ltd, a Ghanaian company whose conduct in an alleged 1,200-kilogram gold transaction is currently under criminal investigation by the CID. JG Resources accused a licensed gold dealer, Sesi-Edem Company Limited, of receiving the US$17 million without delivering the agreed quantity of gold.
Sesi-Edem, owned by Gabriel Tanko Kwamigag-Atokple, reportedly the Volta Regional representative of the Council, has strongly denied the allegation and has filed a civil action seeking to have its account unfrozen by EOCO, which froze the account without hearing the company. Senior officials are said to be busy issuing threats on Sesi-Edem even before it’s heard and its culpability established.
Its lawyers, Mawunyo Kofi Adjaho and Marku Bentil of Knightscild Chambers, argue that EOCO’s actions have unfairly prejudiced their client. They are asking the court to ensure that investigations are conducted objectively and with due process, asserting that Sesi-Edem’s rights have been infringed.
According to information available to The Herald, Sesi-Edem’s only commercial relationship in the matter was with JG Resources Ltd and Unigold Trading LLC jointly, not with the Turkish company.
Sesi-Edem contends that JG Resources submitted a forged agreement to EOCO purporting to establish a direct contractual relationship between Sesi-Edem and Tayvest-FZCO. At best, they are the victims of alleged fraud and should be given a fair hearing.
Police sources indicate that documents suspected of being forged were prepared in the name of Sesi-Edem, a Gold Board-licensed dealer with an established track record in international transactions. The company argues that these forged documents were used to facilitate the multi-million-dollar deal with the Turkish investors. The Turkish were led to believe they were dealing with Sesi-Edem Limited and therefore paid US$17 million into an Access Bank Ghana Limited account.
Company records sighted by The Herald show that JG Resources Ltd was incorporated on 7 April 2025. Within two months of its registration, it reportedly received the full US$17 million from Tayvest-FZCO for the supply of gold, a timeline investigators describe as suspicious, and that has triggered scrutiny.
The CID sources name JG Resources Ltd and its directors, Chief Executive Officer Kwaku Appiah Yeboah and Papa Yaw Owusu-Ankomah, as having questions to answer.
A woman identified as Kuranchie Maame Akosua Asama is also mentioned. She is said to have previously worked closely with the Turkish firm on a project in Kumasi and is alleged to have had links to JG Resources during the disputed transaction.
Additional documents sighted by The Herald show that Sesi-Edem and JG Resources Ltd executed a Sale and Purchase Agreement for gold dore bars on 5 June 2025. The agreement names Unigold Trading LLC and JG Resources Ltd as joint buyers.
The contract is structured in two phases. Phase One covers a pilot delivery of 50 kilograms between 5 June 2025 and 5 June 2026 at the prevailing LBMA spot price less a six per cent discount. Phase Two, contingent upon successful completion of Phase One, provides for an estimated 1,200 kilograms. That second phase has not commenced.
Sesi-Edem maintains that it has complied with its obligations under Phase One. The company received GHS 57,759,594.68 in three instalments in June and July 2025 and delivered 32.8 kilograms of gold in three tranches between 12 June and 6 August 2025, valued at GHS 45,015,918.90.
According to the company, the outstanding balance of GHS 12,743,675.78 remains within the contractual delivery window, which runs until 5 June 2026. No notice of breach has been issued and the agreement has not been terminated.
Despite the subsisting delivery period, JG Resources petitioned EOCO on 4 November 2025, alleging partial delivery and unwillingness to complete performance or refund the outstanding value.
EOCO subsequently froze Sesi-Edem’s account. However, in an affidavit filed in court, EOCO acknowledged that the contractual delivery period had not expired at the time of the petition.
Sesi-Edem states that it fully cooperated with EOCO, providing copies of the governing agreement and supporting documentation, even though it had not initially been informed of the petition.
The transaction occurred against the backdrop of the Ghana Gold Board Act, 2025 (Act 1140). A public notice dated 22 May 2025 confirmed that holders of valid PMMC or Ministry licences could continue dealing in gold until 21 June 2025.
Sesi-Edem held a PMMC Gold Licence valid from 7 August 2024 to 6 August 2025 and a Ministerial Licence to Purchase and Deal in Gold valid from 11 October 2025 to 10 October 2028.
The company applied for a Ghana Gold Board licence on 7 May 2025, received approval on 19 June 2025 and was issued its certificate on 23 June 2025. The Herald has sighted documentation confirming the application, approval and payment of fees.
On 30 November 2025, Sesi-Edem was alerted to a purported Sale and Purchase Agreement dated 5 June 2025 naming Tayvest-FZCO as buyer and falsely presenting Sesi-Edem as seller.
The Managing Director has sworn that the signature attributed to him on the document is not genuine and that no funds were ever received from the Turkish firm.
The company has also petitioned other law enforcement authorities to investigate alleged forgery and defrauding by false pretences by JG Resources Limited.
On 16 December 2025, Sesi-Edem filed an amended writ seeking declaratory relief, damages, injunctive orders and an account of funds allegedly obtained using its name.
On 19 December 2025, the High Court granted interim orders for the preservation of funds and disclosure by JG Resources Ltd. A copy of the ruling has been sighted by The Herald.
Separate from the CID investigation into the US$17 million transaction, Sesi-Edem has filed two actions a Human Rights Application and an application to revoke the freezing of its account in a bid to restrain EOCO’s continued involvement.
Taken together, the dispute exposes a complex interaction of contractual obligations, regulatory compliance, alleged document forgery, and competing claims of victimhood.
With proceedings ongoing before the CID, EOCO, and the High Court, the high-stakes gold saga continues to unfold, raising questions about due diligence, regulatory oversight, and the protection of commercial reputations within Ghana’s gold trading sector.
Source:
www.ghanaweb.com
