The Special Investigations Unit (SIU) of the Ghana Police Service is investigating a dispute over a multi-million dollar gold transaction involving a Turkish investment company, TAVEST FZCO, and a Ghanaian firm, JG Resources Limited. The investigation was prompted by a petition alleging that only a portion of 50 kilogrammes of gold, valued at approximately $6.8 million, was delivered after TAVEST transferred $14.315 million for the purchase.
Background of the Transaction
The agreement between TAVEST FZCO, represented by Rahman Sahsenas, and JG Resources Limited, represented by Kwaku Appiah Yeboah, was established on May 25, 2025. TAVEST transferred the substantial sum of $14.315 million to JG Resources through an Access Bank account, intending to procure 50 kilogrammes of gold bars.
However, subsequent delivery records indicate that gold valued at only $7.515 million was supplied. This leaves a significant discrepancy of approximately $6.8 million, representing either undelivered gold or unreturned funds, which has led to the current police inquiry.
Police Action and Initial Findings
Following the petition from TAVEST FZCO, the SIU initiated its investigation. Mr. Sahsenas provided a statement to the police, identifying Kwaku Appiah Yeboah, Papa Yaw Owusu Ankomah, and Maame Akosua Asama Kuranchie as directors of JG Resources Limited.
The police subsequently arrested Mr. Appiah Yeboah and Mr. Ankomah. Both individuals were later granted bail as the investigation progresses. During their interrogation, the arrested directors stated that the gold was sourced from various mining companies.
These named sourcing companies include Goldline Mining Limited, Frank City Mineral and Oil Company Limited, Demensah Company Limited, and Sesi Edem Company Limited. In line with the investigation, the Chief Executive Officer of Frank City Mineral and Oil Company Limited, Frank Kofi Adjetey Wood, was arrested, cautioned, and subsequently granted bail.
Contractual Links and Ongoing Inquiry
Investigators also extended their inquiry to Sesi Edem Company Limited. Gabriel Kwamigah Kwabla, the CEO of Sesi Edem Company Limited, provided a statement and relevant contractual documents to the police.
Police findings indicate that JG Resources Limited, which was incorporated on April 7, 2025, had a contract with Sesi Edem Company Limited for the supply of gold. Under this specific arrangement, 32.8 kilogrammes of gold have been supplied to date, out of the total contracted 50 kilogrammes.
As of the latest reports, investigators have stated that no definitive incriminating findings have been made. The ongoing investigation aims to thoroughly determine the reasons for the outstanding balance and to ascertain whether any criminal offenses have been committed by the parties involved.
Implications and Future Watch
This case highlights the significant financial risks inherent in large-scale commodity transactions, particularly within the gold sector, which often involves complex supply chains and multiple intermediaries. For investors, it underscores the critical importance of rigorous due diligence, robust contractual agreements, and secure payment mechanisms when engaging in international trade of valuable commodities.
The outcome of the police investigation will be closely watched by the investment community and the mining industry in Ghana. It could potentially influence regulatory scrutiny and best practices for gold trading companies operating within the country. Observers will be looking to see how the police establish accountability for the missing gold or funds and whether this case leads to any policy changes aimed at enhancing transparency and security in the gold trading market.
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