The High Court has threatened to jail three directors of JG Resources Limited, fingered in a controversial US$17 million gold transaction dispute.
It will be recalled that a Turkish company identified as Tayvest-FZCO had filed a formal complaint with the Criminal Investigations Department (CID) of the Ghana Police Service against a Ghanaian company, JG Resources Limited, over a US$17 million gold fraud.
The case has been filed against JG Resources Limited and its directors, Kwaku Appiah Yeboah, the company’s Chief Executive Officer, and Papa Yaw Owusu-Ankomah.
Reports reveal that the complaints were filed as far back as last year regarding an alleged US$17 million gold transaction that has collapsed.
The US$17 million gold transaction collapse comes amid accusations of fraud, document manipulation and conflicting claims.
According to information gathered, the petition centres on funds paid for a large consignment of gold meant for export to Dubai in the United Arab Emirates (UAE).
Kuranchie Maame Akosua Asama has been identified as having played a dual role in the US$17 million gold transaction.
She is said to have closely worked with the Turkish firm on a project in Kumasi and is also being linked to JG Resources Limited.
Records show that JG Resources Limited was incorporated on 7 April 2025 and received the full US$17 million payment from Tayvest-FZCO for the supply of gold barely months after its registration.
“According to the CID complaint, Tayvest-FZCO transferred the US$17 million to JG Resources Limited for the supply of gold, with the funds reportedly received and withdrawn through Access Bank Ghana. While some quantity of gold was eventually delivered, police sources told The Herald that it fell far short of what was paid for.
Repeated efforts by the Turkish firm to obtain the outstanding quantity of gold or secure a refund are said to have failed, fuelling suspicions of a deliberate scheme rather than a commercial misunderstanding”, the Herald report stated.
In a post by the Ghana Chronicle, they wrote, “Three directors of JG Resources Limited, including Papa Owusu-Ankomah, son of former Attorney-General and ex-UK High Commissioner, risk possible jail time over their alleged roles in the controversial US$17 million gold transaction dispute. Investigations and court actions are ongoing.
Papa Yaw Owusu-Ankomah, along with his colleague directors Maame Akosua Asama Kuranchie and Kwaku Appiah Yeboah, is expected to appear before the High Court (Commercial Division) in Accra on 5 March 2026, following contempt proceedings brought against them and their company.
They had disobeyed directives from Justice Doris Awuah-Dabanka-Bekoe regarding the alleged forging of documents and the receipt of the substantial sum using the name of Sesi Edem Limited, a registered gold dealership”.
The post further added, “The proceedings arise from Suit No. GJ-CM/OCC/0181/2026, in which Sesi-Edem Company Limited alleges that JG Resources Limited used its corporate name and the signature of its Managing Director without authorisation in connection with a Sale and Purchase Agreement with Tayvest-FZCO for the purchase of gold dore bars.
It is further alleged that the agreement bears a forged signature and stamp, which Sesi-Edem Company Limited reportedly discovered upon receiving information from a journalist, Kay Cudjoe. The company subsequently took legal action against JG Resources.
On 19 December 2025, the High Court granted an injunction and preservation order in favour of Sesi-Edem Company Limited.
According to filings, the orders directed JG Resources to freeze specified bank accounts, including one held with Access Bank, deposit funds related to the disputed transaction into court, and file a sworn affidavit disclosing all related assets. The order was reportedly served on 22 December 2025.
In support of the contempt proceedings, Sesi-Edem Company Limited filed an affidavit asserting that no funds were deposited into court, no disclosure affidavit was submitted, and no application was made to vary, discharge, or stay the order.
A registry search dated 7 January 2026 is cited as confirming the absence of these compliance steps. The applicant contends that the alleged non-compliance occurred while the order remained in force and amounts to wilful disobedience”.
See the post below:
🚨 BREAKING: Three directors of JG Resources Limited including Papa Owusu-Ankomah, son of former Attorney-General and ex-UK High Commissioner — risk possible jail time over their alleged roles in the controversial US$17 million gold transaction dispute. Investigations and court… pic.twitter.com/9kTzXwHG2T
— Ghana Chronicles (@_GhChronicles) February 13, 2026