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Home Economy Digital Assets

UPDATED: Federal High Court Discharges Binance Executive Tigran Gambaryan on Health Grounds

by Joan Aimuengheuwa
October 23, 2024
in Digital Assets
0
Federal High Court Discharges Binance Executive Tigran Gambaryan on Health Grounds
Tigran Gambaryan

Tigran Gambaryan

UBA
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The Federal High Court in Abuja has officially discharged Tigran Gambaryan, a senior executive at Binance, from money laundering charges brought against him by the Economic and Financial Crimes Commission (EFCC). 

This ruling, delivered by Justice Emeka Nwite on Wednesday, was primarily based on health issues that were supported by the EFCC itself.

Tigran Gambaryan of Binance, who had been in detention since April 2024, faced allegations relating to money laundering tied to cryptocurrency transactions.

His legal representatives presented evidence that his health had severely deteriorated during his time in custody, requiring immediate medical attention that was unavailable in the correctional facility.

Initially, the EFCC opposed Gambaryan’s bail application, claiming that his health issues were exaggerated. However, new medical reports submitted during the hearings revealed that his condition was indeed critical and could not be properly managed while incarcerated.

The court was later informed that Gambaryan’s health had deteriorated further, to the extent that he now required a wheelchair for mobility. Despite the efforts of the Nigerian Correctional Service, his condition could not be effectively managed within the facility, and it was revealed that he would need surgery, with a lengthy recovery period that could delay the trial process.

In light of this, the EFCC acknowledged that Gambaryan’s limited role at Binance had little bearing on the investigation and, after reviewing the case in consultation with the federal government, it was decided that continuing the charges against him would serve little purpose. 

Diplomatic considerations, including ongoing engagements between Nigeria and the U.S., also played a part in the decision to drop the charges.

During the hearing, EFCC counsel Ekele Iheanacho SAN requested that the court discharge Gambaryan, which Gambaryan’s lawyer, Mark Mordi SAN, did not oppose. Mordi, however, urged the court to consider issuing a full acquittal in light of the prosecution’s admission of his client’s limited involvement.

In his ruling, Justice Nwite noted the importance of ensuring Gambaryan receives proper medical care, stating that the medical documentation presented showed an urgent need for specialized treatment. 

He subsequently struck out the money laundering charge, ordering that Gambaryan be immediately released from the custody of the Nigerian Correctional Service, Kuje.

The court also adjourned the trial of Binance itself to November 22, 2024, for continuation of proceedings, bringing an end of Gambaryan’s personal charges after months of detention. 

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Tags: Binance executiveFederal High CourtJustice Emeka NwiteTigran Gambaryan
Joan Aimuengheuwa

Joan Aimuengheuwa

Joan thrives at helping individuals and businesses scale via storytelling...

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