In a surprising development, the Nigerian government has withdrawn charges against Tigran Gambaryan, an executive at Binance Holdings, involved in a money laundering case at the Federal High Court in Abuja. This decision follows months of diplomatic pressure and concerns over Gambaryan’s health, leading to his release from Kuje Prison.
Diplomatic Interventions and Health Concerns
The prosecution, led by lawyer R.U. Adaba, cited diplomatic reasons and Gambaryan’s deteriorating health as key factors for discontinuing the case. Gambaryan’s worsening medical condition was a recurring issue throughout the trial. His health had significantly deteriorated, requiring him to use crutches, and a recommended surgery further delayed the case. Diplomatic talks between Nigerian and U.S. officials also played a crucial role in securing his release.
Court’s Ruling on the Charges Against Gambaryan
The trial judge, Emeka Nwite, ordered the immediate release of Gambaryan but stopped short of granting a full acquittal. The charges against Gambaryan were dropped two days before the scheduled hearing, signaling that diplomatic channels were working swiftly behind the scenes to resolve the matter. Despite his release, the Economic and Financial Crimes Commission (EFCC) opposed a full acquittal, maintaining that the case remained active and had not been heard on its merits. The prosecution argued that Gambaryan’s health concerns, rather than a lack of evidence, were the main reason for the charges being dropped.
Binance Remains on Trial
While Gambaryan has been discharged, Binance Holdings remains the primary defendant in the ongoing trial. The cryptocurrency firm faces allegations of laundering $34.4 million, causing severe damage to Nigeria’s forex market. The trial has been adjourned until November 2024, and Binance must continue to defend itself against the accusations.
Background of the Case
Gambaryan had been held at the Kuje Correctional Centre since April, facing five counts of money laundering and currency speculation alongside Binance. The charges stemmed from allegations of Binance’s involvement in laundering millions, which allegedly affected the Nigerian economy. The case attracted international attention, with U.S. lawmakers lobbying for Gambaryan’s release.
Conclusion
While Tigran Gambaryan’s release marks a significant step in resolving his legal ordeal, Binance still faces serious charges of financial misconduct. The outcome of the November hearings will be pivotal for both the cryptocurrency industry in Nigeria and the legal standing of Binance in the region. The case underscores the complexities of international legal disputes involving major corporations and the role of diplomatic negotiations in such matters.
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