On Wednesday, the Federal Government officially withdrew money laundering charges against Tigran Gambaryan, a senior executive at Binance Holdings Limited.
The Economic and Financial Crimes Commission (EFCC) had previously filed charges amounting to $35 million against Gambaryan, but he has now been discharged due to health reasons and diplomatic considerations.
During the proceedings before Justice Emeka Nwite, EFCC’s counsel, R.U. Adagba, informed the court of the Federal Government’s decision. She explained that Gambaryan’s deteriorating health had been a concern, and his condition had required close medical attention while in custody. Additionally, diplomatic pressures contributed to the decision to discontinue the charges against him.
“The government has reviewed the case and, taking into consideration that the second defendant (Gambaryan) is an employee of the first defendant (Binance Holdings Limited), whose status in the matter has more impact than the second defendant’s, and also taking into consideration some critical international and diplomatic reasons, the state seeks to discontinue the case against the second defendant,” Adagba explained.
She further highlighted that Gambaryan required surgery, and his recovery process would likely slow down the trial proceedings.
Prosecution Opposes Acquittal, Emphasizes Case is Still Active
However, the charges against Binance Holdings Limited will proceed. Adagba emphasized that Gambaryan’s discharge did not imply an acquittal or insufficient evidence but was strictly based on health and diplomatic concerns. The prosecution made it clear that the overall case remains open and could be revisited later, as it has not yet been heard on its substantive merits.
In response, Gambaryan’s counsel, Mark Mordi (SAN), sought an acquittal for his client under Section 108 of the Administration of Criminal Justice Act. Mordi argued that his client should be fully cleared of all charges to facilitate his release from custody.
“We ask the court to expedite everything to ensure the second defendant leaves the facility of the correctional centre,” Mordi added, requesting swift action for Gambaryan’s departure from detention.
Despite this request, the prosecution opposed the motion for acquittal, reiterating that the charges remain unresolved. Adagba argued that the decision to release Gambaryan was solely due to his health, and not an indication of a lack of evidence. The prosecution clarified that witnesses were still being prepared for the trial.
Following the arguments, Justice Nwite agreed to discharge Gambaryan from the charges but stopped short of granting full acquittal. The court ordered that Gambaryan be released immediately from the correctional center, noting that his poor health justified his discharge at this stage.
The judge then adjourned the trial against Binance Holdings Limited to November 22 and November 25, when the proceedings are set to continue.
Health Concerns and Legal Proceedings Surrounding Binance Executives
The situation surrounding Gambaryan’s health had raised concerns in earlier hearings. On Friday, October 18, the court convened to review an update on his health.
During that session, Mordi requested an adjournment to allow time to assess further his client’s condition, a request that went unopposed by the prosecution, represented by Ekele Iheanacho (SAN). At that point, the court rescheduled the matter for further review on October 25, pending a health report from the correctional services.
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Complicating matters, Gambaryan had been absent from the court’s October 18 session. His whereabouts were initially unclear, causing concern for both the court and counsel present.
Justice Nwite ordered the correctional service representative to confirm Gambaryan’s location. It was later confirmed that Gambaryan had been receiving medical treatment in a hospital, which explained his absence.
Binance Holdings, Gambaryan, and another executive, Nadeem Anjarwalla, had originally faced joint charges related to money laundering activities totaling $35 million. Both executives had been detained under the custody of the National Security Adviser.
However, Anjarwalla escaped lawful detention on March 22, 2024, leaving Gambaryan to face the charges alone when he was arraigned in April. After the arraignment, Gambaryan was remanded to the Kuje Correctional Facility, where his health deteriorated, leading to the current developments.
The ongoing case against Binance Holdings Limited, which remains scheduled for November, will likely attract further scrutiny as the cryptocurrency firm continues to face legal challenges related to its operations in Nigeria and internationally.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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