The Federal Government has announced that the trial of Binance will proceed, even though it has withdrawn money laundering charges against Tigran Gambaryan, an executive at Binance Holdings Limited.
According to The PUNCH, Gambaryan had been under prosecution by the Economic and Financial Crimes Commission in connection with a $35 million money laundering case, which is no longer being pursued against him.
The charges were withdrawn on Wednesday, primarily on health grounds and due to diplomatic pressures, as disclosed by the EFCC’s legal representative, R. U. Adagba.
During the hearing before Justice Emeka Nwite of the Federal High Court, Adagba explained that Gambaryan’s ongoing health issues and the international implications surrounding his case prompted the government’s decision to halt his prosecution.
However, Adagba emphasized that the Federal Government intends to continue the prosecution of Binance Holdings Limited, the first defendant in the matter.
“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,” she said in court.
Additionally, Adagba raised concerns over Gambaryan’s deteriorating health, which had been under the management of the correctional facility through the National Security Adviser.
She noted that a surgery had been recommended for Gambaryan, and the post-surgery recovery could delay the trial.
Representing Gambaryan, senior advocate Mark Mordi pressed the court to expedite his client’s release from detention, citing Section 108 of the Administration of Criminal Justice Act.
While requesting both an acquittal and discharge for Gambaryan, Mordi stated, “We ask the court to expedite everything to ensure the second defendant leaves the facility of the correctional centre.”
However, the prosecution objected to the request for acquittal, arguing that the charges could be revisited at any time since the case had not been heard on its merits.
“The second defendant was only considered for discharge due to his ill health, and not on the ground of insufficient evidence,” Adagba reiterated, further asserting that the prosecution was prepared to call witnesses once the case resumed.
Following these submissions, Justice Nwite granted an order for Gambaryan’s discharge from the money laundering charges and instructed the correctional service to release him immediately. He scheduled the trial against Binance Holdings Limited for continuation on November 22 and 25, 2024.
The ruling also followed previous court sittings where Gambaryan’s health had become a central issue.
At an earlier session on October 18, concerns were raised about Gambaryan’s absence, which caused unease in the courtroom.
Neither the correctional officers nor the prosecution and defense counsel were aware of his exact location, prompting Justice Nwite to order a representative from the correctional center to investigate.
Upon inquiry, it was revealed that Gambaryan had been hospitalized due to severe illness and would not be present in court.
Mordi had previously requested a six-week bail period for his client, citing insufficient medical care at
the correctional facility and stressing the urgency of his client’s condition.
He described Gambaryan as suffering from a herniated disc and severe psychiatric issues, including anxiety and depression.
Nonetheless, the prosecution objected, claiming that Gambaryan’s health was not as severe as the defense portrayed and that he had already received medical treatment from top facilities like the State House Clinic and Nizamiye Hospital.
Iheanacho, the prosecution counsel, added that Gambaryan had refused medication and treatment during his stay at these facilities.
“The medical report indicated low back pain, but he has stable vitals. He has been taken to more than two neurosurgeons. The report indicated that the patient was dissatisfied and refused medications. He was discharged with no obvious deterioration of his medical health,” Iheanacho told the court.
Despite these arguments, Gambaryan’s bail application was denied twice, with Justice Nwite ruling that renowned Nigerian medical experts were managing his condition adequately. On May 17, the court also denied his earlier request for bail, ruling that as a foreign national with no family ties in Nigeria, Gambaryan posed a significant flight risk.
The broader case revolves around charges against Binance, Gambaryan, and the exchange’s regional manager for Africa, Nadeem Anjarwalla.
Both men were charged with money laundering activities tied to the platform. Anjarwalla, however, fled custody on March 22, 2024, leaving Gambaryan to face the charges alone until the government’s decision to withdraw the case against him this Wednesday.
