FG Withdraws Suit Against Binance Agent, Gambaryan, Court Orders His Release From Detention

The Federal High Court in Abuja has ordered the release of Tigran Gambaryan, the detained Binance Holdings Limited’s executive, from Kuje Correctional Centre.

The court gave the order after the Economic and Financial Crimes Commission EFCC, informed the court of the decision of the Federal Government to withdraw the charge against Gambaryan.The EFCC’s decision was on the grounds that Gambaryan’s health was deteriorating and also following diplomatic intervention.

Gambaryan, a U.S. citizen and head of financial crime compliance at Binance, has been in detention in Nigeria since late February, alongside one Nadeem Anjarwalla, facing money laundering charges to the tune of $35 million brought against them by the Economic and Financial Crimes Commission.

The EFCC had, on April 8, arraigned Binance Holdings Ltd and Gambaryan before Justice Emeka Nwite on a 5-count charge bordering on alleged tax evasion, currency speculation and money laundering to the tune of Thirty-Four Million, Four Hundred Thousand United States Dollars.

The Binance representative’s bail application was rejected twice by the court.Gambaryan’s absence in court on the last adjourned date due to his ill-health, caused the trial Judge on October 18, 2024, to fix October 25, 2014, for a report on his health status, following information from an officer of the Nigerian Correctional Service.

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The matter was however rescheduled for due to the urgency of the case.The EFCC’s counsel said the report they received from the NCoS, through the Office of the National Security Adviser (NSA), indicated that Gambaryan’s health had deteriorated to the extent that he hardly walked without the assistance of a wheelchair.

The counsel noted that Gambaryan needs to undergo a surgery and the procedure and recovery would take some time that may impact on the pace of the trial.The prosecution counsel stated further that the government had reviewed the case and had taken cognisance that Gambaryan, a U. S. citizen, was a mere employer of Binance Holdings Ltd, “whose status in the matter has no impact.”

The lawyer firther told the court that the prosecution had taken into consideration some critical diplomatic meetings by the Federal Government, hence, the need to discontinue the charge against Gambaryan.Gambaryan’s counsel Mark Mordi, SAN, did not oppose the application.Justice Nwite in a brief ruling granted EFCC’s application and subsequently adjourned the matter until November 22 and 25 for of trial to continue.

(Editor: Oloyede Oworu)