On Wednesday, October 23, a Federal High Court in Abuja ordered the release of Tigran Gambaryan, an executive of Binance Holdings Limited, from the Kuje Correctional Centre.
This decision came after the Economic and Financial Crimes Commission (EFCC) informed the court of the Federal Government's withdrawal of the charges against Gambaryan due to his declining health and diplomatic intervention.
Gambaryan, the 2nd defendant in the case involving the cryptocurrency platform (1st defendant), had been charged with alleged tax evasion, currency speculation, and money laundering amounting to $34,400,000.
The EFCC had arraigned Binance Holdings Ltd and Gambaryan on April 8 before Justice Emeka Nwite of the Federal High Court in Abuja.
The EFCC's counsel, R. U. Adagba, conveyed the government's decision to withdraw the charges against Gambaryan, citing his deteriorating health and the need for surgery, which could impact the trial proceedings.
Adagba also highlighted diplomatic and international considerations by the Federal Government as reasons for discontinuing the case against Gambaryan.
In response, both Binance's lawyer, Olujoke Aliu, and Gambaryan's counsel, Mark Mordi, SAN, did not oppose the application.
However, Mordi requested the court to consider an acquittal rather than a mere discharge for his client, emphasizing Gambaryan's employment status at Binance.
Delivering the ruling, Justice Nwite granted Adagba’s application.
“It is hereby ordered as follows:
“That the application of the prosecution’s counsel is granted as prayed having reviewed the circumstances of the charge.
“That this charge is hereby struck out against the 2nd defendant (Gambaryan).
“That the 2nd defendant is hereby discharged.
“That an order of this honourable court is hereby made for the immediate release of the 2nd defendant from Nigerian Correctional Service, Kuje,” the judge ruled.
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