THE Federal Government, on Wednesday, October 23, withdrew all charges filed against Binance executive, Tigran Gambaryan.
This move came after months of investigation and proceedings, which had placed the Gambaryan under scrutiny following allegations of financial misconduct involving cryptocurrency transactions levelled against him.
The four-count charge bordering on tax evasion, initially preferred against him by the Nigerian authorities was part of a broader effort intended to protect Nigeria’s economic integrity.
However, according to a report by Premium Times, the Nigerian government dropped all money laundering charges against Gambaryan during a hearing held two days before the previously scheduled date – October 25.
The counsel to the Economic and Financial Crimes Commission (EFCC), the prosecuting agency, announced the discontinuance of the case at the Federal High Court in Abuja Wednesday morning.
While making the announcement, the lawyer said Gambaryan was simply an employee of Binance, the company whose activities had led to his prosecution.
According to the report, the development came against the backdrop of diplomatic lobbying that had been ongoing for months between Nigerian and U.S. government officials for the release of Gambaryan, a U.S. citizen.
Backstory
Gambaryan had been embroiled in a legal battle with the Federal Government following his arrest earlier this year.
The EFCC had charged Binance, Gambaryan, and Nadeem Anjarwalla with hiding the source of the $35,400,000 in revenue that Binance made in Nigeria while knowing that the money was the product of illegal activities.
The ICIR reported on Monday, March 25, that the Federal Government, through the Federal Inland Revenue Service (FIRS), filed criminal charges against Binance at the Federal High Court in Abuja.
During the proceedings, Gambaryan’s lawyer, Mark Mordi, on two different occasions argued in court that his client suffered from severe medical conditions, including a herniated disc and mental health challenges, and sought bail for him to receive treatment.
On September 4, he sought a six-week bail for his client to receive proper medical attention outside prison, citing inadequate care in custody.
He stated that Gambaryan’s health was ‘perilous’ and that he needed surgery for a herniated disc along with psychiatric treatment for depression and anxiety.
However, the court denied multiple bail requests, stating that the accused health could be managed at Kuje Correctional Facility with access to Nigerian medical experts.
In his October 11 ruling on the motion for bail on medical grounds, the presiding judge, Emeka Nwite, denied the request, stating that ‘renowned Nigerian medical experts’ were already overseeing the health of the second defendant.
He also ruled that the Nigerian Correctional Service “refer Gambaryan to a standard hospital in Abuja for treatment for three days to two weeks under security supervision.”
Usman Mustapha is a solution journalist with International Centre for Investigative Reporting. You can easily reach him via: umustapha@icirnigeria.com. He tweets @UsmanMustapha_M