A Turkish gold buyer has petitioned the Police Criminal Investigations Department over an alleged US $17 million gold transaction gone wrong, claiming millions of dollars remain unaccounted for and that agreed quantities of gold were never delivered.
Documents obtained by The Herald show that Tayvest FZCO, a company linked to Unigold Trading LLC in Dubai, transferred about US $17 million to JG Resources Limited in 2025 to facilitate the purchase of gold dore bars from Ghana. The company now alleges that a significant portion of the gold was not supplied and that US 6.8 million remains outstanding.
The petition, filed on behalf of Tayvest FZCO by Tony Lithur of LithurBrew Law Firm, accuses Papa Yaw Owusu Ankomah, son of former Attorney General and Minister of Justice under the Kufuor administration, Papa Owusu Ankomah, and two associates of using JG Resources Limited to secure the funds but failing to deliver the full quantity of gold agreed under the contract.
According to the petition, on 25 May 2025, Tayvest FZCO entered into an agreement with RMB Mining Company Limited as seller and JG Resources Limited as facilitator for the purchase of gold dore bars. A trial shipment of 50 kilogrammes was to be followed by larger consignments.
After the initial shipment, the Turkish firm transferred US $14,315,000 to JG Resources in several tranches. Of that amount, US $7,800,000 allegedly related to gold that was never supplied. Only US $1,000,000 was refunded, leaving US $6,800,000 unpaid.
Investigators are said to be scrutinising the timeline of events. Company records from the Registrar General show that JG Resources Limited was incorporated on 7 April 2025 and, within two months, had received the full US $17 million. The speed of the transactions has raised suspicion.
The petition further alleges that part of the funds paid into JG Resources’ account was transferred into the personal account of Kwaku Appiah Yeboah, described as an underlying shareholder, without lawful justification.
JG Resources had no gold concession and was not licensed by the Ghana Gold Board. It relied on three Ghanaian companies, RMB Mining Company Limited, Sesi Edem Company Limited and Goldline Mining Limited, advancing funds to them to supply up to 1,200 kilogrammes of gold.
Of the three, only Sesi Edem is said to have substantially delivered its allocation, with about 17 kilogrammes outstanding, valued at around GHS12 million. The company insists that the delivery window under its contract runs until 5 June 2026 and that it is still within time.
Sesi Edem, owned by Gabriel Tanko Kwamigah Atokple, the Volta Regional representative on the Council of State, has strongly denied any wrongdoing. In a separate petition to the CID dated 4 December 2025, its lawyers from Knightscild Chambers asked for investigations into suspected offences of defrauding by false pretences and forgery.
The company maintains that a Sale and Purchase Agreement dated 5 June 2025, which names it as seller to Tayvest FZCO, was forged. It says the signature of its Managing Director was falsified and that it never received any funds from the Turkish firm under that document.
Instead, Sesi Edem states that its only valid agreement was with Unigold Trading LLC and JG Resources Limited as joint buyers. Under that arrangement, Phase One covered delivery of 50 kilogrammes between 5 June 2025 and 5 June 2026 at the prevailing LBMA spot price less six per cent. Phase Two, projected at 1,200 kilogrammes, was contingent on successful completion of Phase One and has not begun.
The company says it received GHS 57,759,594.68 in three instalments in June and July 2025 and delivered 32.8 kilogrammes of gold valued at GHS 45,015,918.90 between 12th June and 6th August 2025. It argues that no notice of breach has been served and that the contract period has not expired.
Despite this, JG Resources petitioned the Economic and Organised Crime Office in November 2025, alleging partial delivery and refusal to complete performance or refund the balance. EOCO subsequently froze Sesi Edem’s bank account. In an affidavit filed in court, EOCO acknowledged that the contractual delivery period had not expired at the time of the petition.
Sesi Edem has since filed applications at the High Court seeking to lift the freeze on its account and restrain EOCO’s continued involvement. It argues that access to its funds is necessary to procure and deliver the remaining gold.
In a related development, JG Resources Limited and its three directors, Papa Yaw Owusu Ankomah, Maame Akosua Kuranchie and Kwaku Appiah Yeboah, are scheduled to appear before Justice Doris Awuah Dabanka Bekoe on 5 March 2026. They are to face allegations of forgery of documents, stamps and signatures allegedly used to obtain funds while posing as Sesi Edem, a registered gold dealership.
The contempt proceedings stem from a High Court suit in which Sesi Edem accuses JG Resources of unlawfully using its corporate name and the signature of its Managing Director in relation to a gold sale agreement with Tayvest FZCO.
It remains unclear whether RMB Mining Company Limited and Goldline Mining Limited have taken steps to defend themselves publicly.
The petition to the CID, dated 15th December 2025, calls for a full criminal investigation and prosecutions where necessary, as well as steps to recover the outstanding funds.
As the investigations unfold, the case has exposed deep cracks in a high value cross border gold trade, raising questions about due diligence, licensing and the movement of millions of dollars through newly formed companies.
