… Court adjourns trial until November
The Federal Government of Nigeria on Wednesday withdrew all money laundering charges against Tigran Gambaryan, an executive of Binance Holdings Limited, citing diplomatic reasons and health concerns.
Gambaryan, a United States citizen, was listed as the second defendant in a five-count charge bordering on alleged laundering to the tune of $35.4 million, with Binance Holdings Limited named as the first defendant by the Economic and Financial Crimes Commission (EFCC).
Justice Emeka Nwite of the Federal High Court discharged Gambaryan during a hearing, two days ahead of the scheduled trial date of 25 October 2024.
R.U. Adagba, one of the EFCC’s legal representatives, informed the court of the Federal Government’s decision to drop the charges due to the executive’s deteriorating health.
Speaking with BusinessDay, Ekene Iheanacho, lead counsel for the EFCC, explained that the charges were dropped due to diplomatic issues and interventions, in addition to Gambaryan’s health concerns.
He said it became necessary for government to drop the charges to enable the case move foward.
“We have dropped the charges so that we can move on. You know he keeps complaining about his health and his health is worsening. So, we need to move on.
In June 2024, following a visit to the Kuje prison, US Congressmen Rich McCormick and French Hill urged the American government to leverage all available diplomatic channels to secure Gambaryan’s release.
On 10 July, the US Congress passed a resolution calling for the executive’s release, expressing concern over his deteriorating health during his incarceration. Congress described Gambaryan’s detention as wrongful and emphasised that his health had worsened under prison conditions.
Gambaryan had previously applied for bail on medical grounds, but his requests were denied twice by the Federal High Court. His lawyer, Mark Mordi, argued that the executive required specialised medical treatment unavailable at the Kuje facility.
However, the court initially rejected his bail application in May, citing concerns that Gambaryan posed a flight risk. A second application was also refused after the court ruled that there was insufficient evidence to demonstrate that the Nigerian Correctional Service could not manage his medical needs.
In a sudden turn of events, the court discharged Gambaryan on Wednesday due to health considerations.
The trial against Binance Holdings has been adjourned until 22 and 25 November 2024.
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