A multi-faceted dispute concerning a reported US$17 million gold transaction is currently under investigation by the Criminal Investigations Department (CID) and the Economic and Organised Crime Office (EOCO), while simultaneously being contested before the High Court. The case highlights significant questions regarding due process, contractual obligations, and the handling of high-value commercial disagreements.
The matter originated when Turkish firm Tayvest-FZCO reported to the CID that it had paid US$17 million for approximately 1,200 kilograms of gold, which it claims was never delivered. This report prompted the CID to initiate criminal investigations into the alleged non-delivery.
In a related development, EOCO subsequently froze the bank account of Sesi-Edem Company Limited, a licensed Ghanaian gold dealer. Sesi-Edem, however, maintains that it has no direct contractual relationship with the Turkish company, Tayvest-FZCO.
Gabriel Tanko Kwamigag-Atokple, owner of Sesi-Edem, has since filed a petition against EOCO before the Human Rights Division of the High Court. The company is challenging the legality of the account freeze, arguing that its constitutional rights to a fair hearing and administrative justice have been violated.
Court documents reveal that the petition to EOCO that led to the account freeze was submitted by JG Resources Ltd, a Ghanaian company whose own conduct in the transaction is reportedly under CID investigation. JG Resources alleged that Sesi-Edem received the US$17 million and failed to deliver the agreed quantity of gold.
Sesi-Edem has vehemently denied these claims, asserting that it never received any funds directly from Tayvest-FZCO. The company states its only commercial relationship in this matter was with JG Resources Ltd and Unigold Trading LLC jointly, under a separate Sale and Purchase Agreement for gold dore bars.
Documents sighted indicate that Sesi-Edem and JG Resources Ltd executed a Sale and Purchase Agreement on June 5, 2025. This agreement outlined a two-phase arrangement: Phase One involved a pilot delivery of 50 kilograms of gold within a one-year period, while Phase Two, yet to commence, contemplated an estimated 1,200 kilograms, contingent on the successful completion of Phase One.
Sesi-Edem claims to have received GHS 57,759,594.68 in three instalments during June and July 2025 and subsequently delivered 32.8 kilograms of gold in three tranches between June 12 and August 6, 2025, valued at GHS 45,015,918.90. The company asserts that the outstanding balance remains within the contractual delivery window, which extends until June 5, 2026, and that no notice of breach has been issued.
Despite this, JG Resources petitioned EOCO on November 4, 2025, alleging partial delivery and an unwillingness by Sesi-Edem to complete performance or refund the balance, leading to the subsequent freezing of Sesi-Edem’s account.
In an affidavit filed before the High Court, EOCO has acknowledged that the contractual delivery period had not expired at the time the petition was submitted. Sesi-Edem’s legal representatives argue that freezing their client’s account without prior consultation has caused significant reputational and commercial damage, constituting an arbitrary exercise of power.
Further complicating the case are allegations of forged documents. Sesi-Edem states it was alerted in November 2025 to a purported Sale and Purchase Agreement, dated June 5, 2025, naming Tayvest-FZCO as the buyer and falsely presenting Sesi-Edem as the seller. The Managing Director of Sesi-Edem has sworn that the signature attributed to him on this document is not genuine.
Police sources familiar with the investigation suggest that suspected forged documents were prepared in the name of Sesi-Edem, a Gold Board-licensed dealer with a track record of international transactions.
Company records show that JG Resources Ltd was incorporated on April 7, 2025, and reportedly received the full US$17 million from Tayvest-FZCO within two months of its registration. Investigators consider this timeline unusual and a point of scrutiny. CID sources have identified JG Resources Ltd and its directors, Kwaku Appiah Yeboah and Papa Yaw Owusu-Ankomah, as persons of interest. A woman identified as Kuranchie Maame Akosua Asama is also mentioned in connection with the transaction.
Sesi-Edem has also petitioned other law enforcement bodies to investigate alleged forgery and defrauding by false pretences. Additionally, the company has filed separate court actions seeking declaratory relief, damages, injunctive orders, and the revocation of the EOCO account freeze. On December 19, 2025, the High Court granted interim orders for the preservation of funds and disclosure by JG Resources Ltd.