Key Insights:
- Tigran Gambaryan, a senior executive at Binance, stands firm on his not-guilty plea to four counts of money laundering charges in Nigeria.
- The Nigerian court rejects the defense’s argument, ruling that Gambaryan served as Binance’s representative during his visits to the country.
- Tigran Gambaryan’s legal team requests his return to EFCC custody, challenging the decision to hold him in Kuje prison pending trial.
In a recent court appearance in Abuja, Binance executive Tigran Gambaryan firmly stated he was not guilty of the money laundering accusations leveled against him by the Nigerian government. This declaration came amidst a legal tussle that saw the Economic and Financial Crimes Commission (EFCC) presenting charges also related to tax evasion and currency speculation, amounting to over $34 million.
EFCC Arraigns Binance, Executive for alleged $34m Money Laundering
The Economic and Financial Crimes Commission, EFCC on Monday, April 8, 2024, arraigned Binance Holdings Ltd and one of its executives, Tigran Gambaryan before Justice Emeka Nwite of a Federal High Court sitting… pic.twitter.com/YTsSLjohFE
— EFCC Nigeria (@officialEFCC) April 8, 2024
The situation garnered attention when Justice Emeka Nwite, presiding over the case, highlighted that Gambaryan’s attempt to reject charges filed in absentia against his colleague, Nadeem Anjarwalla, who fled EFCC custody last month, was untenable. The judge referenced a law stating, “A person who has no physical presence in Nigeria but has a physical agent in Nigeria can be duly served through that agent,” which has significant implications for how international companies engage with legal systems in foreign countries.
Gambaryan’s plea marked a pivotal moment in the case, as his legal representation contested the notion that Gambaryan could respond to allegations meant for Anjarwalla. This legal argument, however, did not sway the court’s decision to proceed with the charges as laid out.
Moreover, the courtroom witnessed a debate over Gambaryan’s detention location. His attorney, Chukwuka Ikuazom, advocated for his client’s return to EFCC custody, opposing the harsher conditions of Kuje prison. The EFCC’s counsel countered this plea, reinforcing the practice of detaining individuals accused of similar crimes in the designated facility until a verdict was reached.
As the case unfolds, several dates have been set for further hearings, including a bail consideration on April 18 and the commencement of the trial on May 5, 2024. These proceedings highlight the complex legal battles faced by international corporations like Binance, especially when navigating the regulatory environments of foreign jurisdictions.
Tigran Gambaryan’s case sheds light on the broader scrutiny Binance faces over its operations in Nigeria. Allegations of currency manipulation and tax fraud add to the company’s challenges in the country. As the legal process advances, all eyes remain on the Nigerian judicial system to unveil the next chapter in this high-stakes financial drama.