A Federal High Court in Abuja has ordered the release of Mr Tigran Gambaryan, an executive of Binance Holdings Limited, from Kuje Correctional Centre following the withdrawal of charges by the Federal Government.
Justice Emeka Nwite issued the order on Wednesday after the Economic and Financial Crimes Commission (EFCC)’s counsel, R.U. Adagba, informed the court that the government had decided to drop the charges against Gambaryan due to concerns over his deteriorating health and diplomatic interventions.
Gambaryan, who was the second defendant in a case brought against Binance Holdings Ltd by the EFCC, had been facing a five-count charge related to alleged tax evasion, currency speculation, and money laundering amounting to $34.4 million. The EFCC initially arraigned both Binance and Gambaryan in April before the Federal High Court in Abuja.
Despite multiple attempts to secure bail for Gambaryan, his applications were previously denied by the court. However, reports of his worsening health, particularly his need for a wheelchair, prompted the government to reconsider its stance. According to Adagba, Gambaryan requires surgery that would impact the pace of the trial, making it difficult for him to continue facing legal proceedings.
The EFCC’s counsel highlighted that Gambaryan, a U.S. citizen, was merely an employee of Binance and that his involvement in the case did not hold significant weight. She further mentioned that diplomatic factors also played a role in the government’s decision to discontinue the charges.
In response, Gambaryan’s lawyer, Mark Mordi (SAN), argued that his client should not only be discharged but acquitted, given his limited role in the company’s operations. The court, however, granted the application for discharge, striking out the charges against Gambaryan and ordering his immediate release from custody.
Justice Nwite concluded the hearing by adjourning the case until November 22 and 25 for the continuation of the trial against the first defendant, Binance Holdings Ltd. Notably, Gambaryan was once again absent from the courtroom due to his health condition.
