A report by the Criminal Investigations Department (CID) of the Ghana Police Service has exonerated Sesi-Edem Company Limited and its directors, including Dr Gabriel Tanko Kwamigah-Atokple, of any criminal wrongdoing in connection with a disputed $14.315 million gold transaction.
According to the report, investigators found no incriminating evidence against the company in relation to a contract tied to the transaction, despite ongoing probes into allegations of defrauding by false pretences under Section 131 of the Criminal Offences Act, 1960 (Act 29).
The case stems from a petition filed on December 18, 2025, by Lithur and Brew on behalf of TAVEST FZCO.
The petition alleged that JG Resources Limited received payment for 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 May 25, 2025, through its director Kwaku Appiah Yeboah.
The complainant alleged that $14.315 million was transferred from the United Arab Emirates into an Access Bank account provided by JG Resources Limited as full payment.
However, gold valued at $7.515 million was reportedly delivered, leaving an outstanding balance of $6.8 million in undelivered gold or unpaid refunds.
The CID report noted 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 added that Frank Kofi Adjetey Wood, Chief Executive Officer of Frank City Mineral and Oil Company Limited, was also arrested, cautioned, and granted bail after investigators were informed that the gold had been sourced from multiple suppliers.
During interrogations, directors of JG Resources Limited told police they procured 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 revealed that Dr Kwamigah-Atokple, the Chief Executive Officer of Sesi-Edem Company Limited and the Volta Region representative on the Council of State, was invited by investigators and submitted a statement, along with contractual documents.
CID findings indicate that JG Resources Limited later entered into a contract with Sesi-Edem Company Limited on June 5, 2025, for the supply of 50 kilograms of gold, with the agreement set to run until June 5, 2026.
Investigators said evidence showed Sesi-Edem supplied 32.8 kilogrammes of gold under the 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 report stated.
The CID findings align with an earlier 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 under Section 3 of the EOCO Act, 2010 (Act 804).
The court found that Sesi-Edem 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 earlier licences, the court noted that a public notice issued on May 22, 2025, allowed existing licence holders to continue trading until June 21, 2025. It ruled that the June 5, 2025, contract fell within that window and was lawful.
In the context of allegations of fraudulent misrepresentation, the court held that the company committed no fraud and had not breached any directive. It further ruled that no predicate offence had been established to support money laundering claims, describing EOCO’s actions as unjustified.
Justice Apietu concluded that EOCO acted unfairly and beyond its statutory mandate, contrary to Article 23 of the 1992 Constitution. The court subsequently revoked the confirmation order and directed that the company’s frozen accounts be restored.
The CID report, signed by Chief Superintendent J. Osei Acheampong, Director of Administration at the CID, on behalf of Director-General COP Lydia Yaako Donkor, noted that investigations into the broader matter remain ongoing.
Read full report below:
