A report available from the Criminal Investigations Department (CID) of the Ghana Police Service has cleared Sesi-Edem Company Limited and its directors of criminal wrongdoing in connection with the disputed US$14.315 million gold transaction.
The report states that investigators found no incriminating evidence against Sesi-Edem Company Limited regarding a contract linked to the transaction, despite ongoing investigations into allegations of defrauding by false pretences, contrary to Section 131 of the Criminal Offences Act, 1960 (Act 29).
According to the Report, on 18/12/2025, a petition authored by Lithur and Brew Company, a corporate investment law and litigation firm, on behalf of TAVEST FZCO, a Turkish investment company, alleged that JG Resources Limited received payment for the supply of 50 kilogrammes of gold bars but failed to fully honour the agreement.
Investigators said TAVEST FZCO entered into the agreement with JG Resources Limited on 25 May 2025, represented by its director Kwaku Appiah Yeboah.
The complainant alleged that a total of US$14.315 million was transferred from the United Arab Emirates into an Access Bank account provided by JG Resources Limited as full payment for the consignment.
However, gold valued at only US$7.515 million was reportedly delivered, leaving an outstanding balance of US$6.8 million in either undelivered gold or unpaid refund.
The CID report further disclosed that Kwaku Appiah Yeboah and lawyer Papa Yaw Owusu Ankomah, both directors of JG Resources Limited, were arrested, cautioned and granted bail pending further investigations.
It also states that Frank Kofi Adjetey Wood, Chief Executive Officer of Frank City Mineral and Oil Company Limited, was later arrested, cautioned and granted bail after investigators were told gold had been sourced from multiple suppliers.
During interrogation, the JG Resources directors reportedly informed police that they obtained gold 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 reveals that Dr. Gabriel Tanko Kwamigah-Atokple, Chief Executive Officer of Sesi-Edem Company Limited and Volta Region representative on the Council of State, was invited by investigators and provided a statement together with contractual documents.
According to the CID findings, JG Resources Limited later entered into a contract with Sesi-Edem Company Limited on 5 June 2025 for the supply of the 50 kilogrammes of gold, with the agreement expected to run until 5 June 2026.
Investigators said available evidence showed Sesi-Edem Company Limited had supplied 32.8 kilogrammes of gold to JG Resources Limited under that contract, with deliveries reportedly made at the company’s 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 stated.
The findings of the CID report appear consistent with an earlier ruling by the Adenta High Court delivered on 25th March 2026, which also determined that the issues raised 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 noted that Sesi-Edem Company Limited had obtained a gold trading licence from the Precious Minerals Marketing Company in August 2024, valid until August 2025, and had also secured authorisation under a government agreement.
Although the Goldbod Act revoked previous licences, the Court observed that a public notice issued on May 22, 2025 permitted existing licence holders to continue trading until June 21, 2025.
The Court therefore held that the company’s contract with JG Resources Limited, executed on June 5, 2025, fell within the permitted period and was lawful.
On allegations of fraudulent misrepresentation, the Court ruled that the company had not violated any directive and had committed no fraud.
It further held that no predicate offence had been established to support allegations of money laundering, rendering EOCO’s actions unjustified.
Justice Apietu concluded that EOCO had acted unfairly and ultra vires its statutory mandate, contrary to Article 23 of the 1992 Constitution.
Consequently, the Court revoked the confirmation order and directed that the freezing of the company’s accounts be lifted, restoring access to its funds.
The CID document, signed by Chief Superintendent of Police J. Osei Acheampong, Director of Administration at the CID, on behalf of the Director-General, Commissioner of Police Lydia Yaako Donkor, said investigations remain ongoing.
