Binance executive Gambaryan discharged at last – FG
Binance executive, Tigran Gambaryan
Binance executive Gambaryan breathes air of freedom.
The Federal Government, on Wednesday, withdrew the money laundering charges preferred against Tigran Gambaryan, an executive of Binance Holdings Limited.
Gambaryan, facing money laundering charges totalling $35 million brought against him by the Economic and Financial Crimes Commission, was discharged on health grounds and due to diplomatic pressure.
EFCC’s counsel, R. U. Adagba, informed Justice Emeka Nwite during Wednesday’s proceedings of the Federal Government’s decision to withdraw the charges against the detained crypto executive due to his ill health.
However, she noted that the Federal Government would continue with the charges against the crypto company, Binance Holdings Limited.
She said, “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.
“My Lord, the health of the defendant has been a recurrent issue that the state has managed well at the correctional centre facility through the National Security Adviser.
“A surgery has been recommended, and the recovery process may take some time, which may impact the pace of the trial.”
Gambaryan’s counsel, Mark Mordi (SAN), said, “We ask the court to expedite everything to ensure the second defendant leaves the facility of the correctional centre.”
Citing Section 108 of the Administration of Criminal Justice Act, Mordi appealed for acquittal alongside the discharge of his client.
The prosecution, however, objected to the acquittal request, stating that the case was still active and could be revisited at any time as it had yet to be heard on its merits.
Emphasising that “the second defendant was only considered for discharge due to his ill health, and not on the grounds of insufficient evidence,” the prosecution said, “The matter has not been heard on its merits, and we are still calling witnesses.”
Following submissions from both the prosecution and defence counsel, Justice Nwite discharged Gambaryan from the money laundering charges and adjourned the case against the cryptocurrency firm until November 22 and November 25 for the continuation of the trial.
He said, “I hereby make an order to the correctional centre to immediately release the second defendant.”
At the previous sitting on Friday, October 18, the court had adjourned to Friday, October 25, for the correctional service to report back with an update on Gambaryan’s health condition.
This adjournment was based on an agreement between both parties in the suit after Mordi requested the adjournment to update the court on his client’s health, which the prosecution counsel, Ekele Iheanacho (SAN), did not oppose.
Binance executive Gambaryan breathes air of freedom.
Gambaryan was absent at the last sitting, which concerned the court as neither the correctional service, defence counsel, nor the prosecution counsel knew of his whereabouts.
Justice Nwite had to order the representative of the correctional centre present to call whoever was in charge of the correctional centre to confirm Gambaryan’s whereabouts.
Following his order, the court stood down the matter for some minutes.
Upon the judge’s return to the courtroom, the prosecution counsel, Iheanacho, informed the court that Gambaryan was receiving treatment at a hospital and that the correctional centre would provide more details.
Binance, its U.S. head of financial crime compliance, Gambaryan, and the exchange’s British-Kenyan regional manager for Africa, Nadeem Anjarwalla, were facing money laundering charges totalling $35 million brought against them by the Economic and Financial Crimes Commission.
Gambaryan and Anjarwalla were initially both detained in the custody of the office of the National Security Adviser.
Anjarwalla, however, fled lawful custody on March 22, 2024, while his counterpart, Gambaryan, was arraigned in April.
Following his arraignment, the court ordered his remand to Kuje Correctional Facility.
