THE Federal Government has dropped all charges against an executive at Binance Holdings, Tigran Gambaryan, who has been on trial for money laundering and currency speculations at the Federal High Court in Abuja.
As a result, the trial Judge, Justice Emeka Nwite, ordered the immediately released of Gambaryan, a United States (US) citizen, from Kuje Prison in Abuja during proceedings on Wednesday morning, October 23.
This came two days ahead of the previously scheduled hearing set for 25 October, which was announced in open court last Friday, October 18.
However, the Judge sustained the money laundering charges against Binance, a cryptocurrency firm, which now stands as the sole defendant in the case.
Binance is accused of money laundering and currency speculation involving over $34.4million to the detriment of the Nigerian forex market and economy.
A lawyer, R.U. Adaba, representing the Economic and Financial Crimes Commission (EFCC), the prosecuting agency, applied on Wednesday morning to the court to stop the prosecution of Gambaryan, citing diplomatic interventions and the extent of the defendant’s involvement in the alleged crimes as the key reasons for the decision.
“The government has reviewed the case and, taken 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,” she told the court.
She also cited Gambaryan’s worsening health in custody, noting: “The health of the defendant has been a recurrent issue, which the state has managed well at the correctional centre facility through NSA (the National Security Adviser.”
Despite government’s best efforts at caring for him, Adaba said “the second defendant can barely walk without a wheelchair or crutches and in addition with other ailments.
“A surgery had been recommended and the recovery process may take some time that may impact on the pace of the trial.”
Gambaryan’s Counsel, Mark Mordi (SAN), agreed with the prosecution, saying his client was not involved in the company’s broader financial decisions, adding: “We ask the court to expedite everything to ensure Gambaryan leaves the facility of the correctional centre.”
In addition to seeking his client’s discharge, Mordi asked for full acquittal, citing Section 108 of the Administration of Criminal Justice Act (ACJA) for the second defendant to be ‘discharged and acquitted.”
Despite agreeing to drop the charges, the EFCC opposed the plea for full acquittal, with Adaba maintaining that the case was still active and had yet to be heard on its merits.
She explained that a major reason for dropping the charges against Gambaryan is his ill health and not on the ground of insufficient evidence, adding: “The matter has not been heard on its merit, and we are still calling witnesses.”
In his ruling, Justice Nwite, while acknowledging that Gambaryan was merely an employee of Binance and not the principal figure in the case, however, ordered Gambaryan’s discharge, stopping short of granting him full acquittal.
“I hereby make an order to the correctional centre to immediately release the second defendant,” he ruled.
The Judge then adjourned the trial until November 22 and 25 to continue the trial of Binance.
Wednesday’s hearing ended months of intense, behind-the-scenes diplomatic talks between Nigerian and US government officials to secure Gambaryan release.
Ahead of the hearing, some US lawmakers had campaigned for Gambaryan’s release in letters to relevant Nigerian and US authorities to intervene.
The pressure on the Nigerian government intensified after the trial court denied the defendant’s bail requests twice.
Gambaryan has been held at the Kuje Correctional Centre in Abuja since his arraignment in April, alongside Binance, a cryptocurrency company he served as country representative, on five counts of money laundering and currency speculation involving over $34.4million.
Binance is facing charges of tax evasion in a separate case before another Judge of the Federal High Court in Abuja.
In May, the court denied Gambaryan’s bail application, judging him a flight risk, about two months after his colleague, Nadeem Anjarwalla, reportedly escaped from legal custody in Abuja in March.
Since the court’s decision denying him bail, Gambaryan’s health condition has feature in the trial and the basis for the subsequent unsuccessful bail application.
On 11 October, the court dismissed his second bail application anchored on ill health, holding that he failed to show, in the bail application, that the Nigerian Correctional Service (NCoS) did not have adequate facilities or had failed to take care of his ill-health.
He also ruled that the bail application constituted an abuse of court process, Gambaryan’s request could not be granted when he was still challenging the ruling on his earlier bail application at the Court of Appeal.
