Binance executive Gambaryan to be released from Nigerian custody
The Nigerian authorities have dropped all charges against Binance executive Tigran Gambaryan.
According to the local news agency Premium Times, on October 23, a lawyer for the Economic and Financial Crimes Commission (EFCC) announced the charges were dropped at the Federal High Court in Abuja.
Gambaryan seven-month trial in Nigeria
The hearing on Wednesday was the result of months of intense, confidential diplomatic negotiations between US and Nigerian government representatives to secure Mr. Gambaryan's release. Some US lawmakers had written to the appropriate Nigerian and American authorities to urge them to intervene in support of Mr. Gambaryan's release in the weeks preceding the hearing. After the trial court twice rejected the defendant's bail requests, the pressure on the Nigerian government increased.
Binance now stands as the sole defendant in the case
Binance, a cryptocurrency company, is now the only defendant in the case after the judge upheld the money laundering charges against it. The company faces charges of currency speculation and money laundering totaling up to $34.4 million, which would have negatively impacted Nigeria's economy and foreign exchange market.
On Wednesday morning, R.U. Adaba, an attorney for the prosecuting agency, the Economic and Financial Crimes Commission (EFCC), petitioned the court to halt Gambaryan's prosecution. She said that the decision was primarily based on the defendant's level of involvement in the alleged crimes and diplomatic interventions.
Gambaryan, a U.S. citizen, was not holding a senior position at Binance, whose activities were the subject of the prosecution, according to the EFCC attorney.
Nigerian Government discontinues the case against Gambaryan
After reviewing the case and considering several important international and diplomatic reasons, as well as the fact that the second defendant, Mr. Gambaryan, works for the first defendant, Binance Holdings Limited, whose position in the case has greater impact than the second defendant's, the Nigerian government wants to drop the case against the second defendant, Adaba added.
Gambaryan worsening health condition
Adaba mentioned Gambaryan's deteriorating health while in detention. The state has effectively managed the defendant's health at the correctional center facility through NSA (the National Security Adviser), she said.
However, Adaba stated that Gambaryan can barely walk without crutches or a wheelchair, in addition to other ailments, despite the Nigerian government's best efforts to care for him. A surgical procedure was recommended, but the recuperation period may take long, and that might impact the trial period.
Gambaryan to be immediately released from Kuje prison in Abuja
During Wednesday morning's proceedings, the prosecution asked the trial judge, Emeka Nwite, to order the immediate release of Gambaryan, a United States of America citizen, from Kuje prison in Abuja. According to reports, the EFCC dropped the charges against Gambaryan during a hearing two days prior to an October 25 court appearance. The report said that the Wednesday hearing seemed to have been held to avoid public attention.
Discharged not acquitted
Despite agreeing to drop the charges on Wednesday, the EFCC rejected the plea for complete acquittal. Adaba said that the case was still pending and had not yet been considered on its merits. She said that although it's not on the grounds of insufficient evidence, one of the main reasons for dropping the charges against Gambaryan is his poor health.
Mr. Nwite, the trial judge, confirmed in his decision that Mr. Gambaryan was not the principal figure in the case and was only an employee of Binance. The judge did not completely acquit Gambaryan, even though he ordered his discharge. Mr. Nwite ordered the correctional center to release Gambaryan and said that the Binance trial will continue on November 22 and 25.
Background of the trial
Since his arraignment in April, Gambaryan has been detained at the Kuje Correctional Centre in Abuja. He was charged with five counts of money laundering and currency speculation totaling up to $34.4 million, along with Binance, for which he was the country representative.
Another judge of the Federal High Court in Abuja is considering tax evasion charges against Binance in a different case. Gambaryan was dismissed by the Federal High Court in Abuja in June from the Federal Inland Revenue Service's (FIRS) alleged tax evasion charge against Binance.
The court rejected the Binance executive's bail request in May, citing his flight risk. About two months after Nadeem Anjarwalla, a coworker of Mr. Gambaryan, allegedly escaped from custody in Abuja in March. On the grounds of poor health, the court denied Mr. Gambaryan's second bail request on October 11.
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