Court Strikes Out Suit Against 2 Binance Executives, Details Emerge

• The federal high court sitting in Abuja has stricken out the tax evasion charge against two executives of the cryptocurrency giant Binance
• The court decision followed the withdrawal of the suit against the two executives by the FIRS, the prosecutor
• FIRS withdrew the charges against the executive after Binance had presented a representative who would stand for it in the case

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FCT, Abuja - A Federal High Court in Abuja has discharged Tigran Gambaryan and Nadeem Anjarwalla, two officials of virtual currency trading firm Binance Holdings Limited, from a tax evasion charge brought against them and the firm by the Federal Inland Revenue Service (FIRS).

While Gambaryan is currently imprisoned in Abuja, Anjarwalla escaped lawful custody earlier this year.

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How trial of Binance executive started

According to The Punch, Gambaryan and Anjarwalla are also being tried on a separate money laundering charge brought against them by the Economic and Financial Crimes Commission (EFCC).

The trial has commenced in the case of the EFCC, with the prosecution calling its first witness.

When the FIRS case was mentioned on Friday, June 14, Binance’s lawyer, Tonye Krukrubo (SAN), disclosed that his client had sent the name of one of its representatives in Nigeria to the court and the FIRS.

FIRS’ lawyer, Moses Idehu, confirmed the development and sought the court’s permission to substitute the existing charge with an amended one dated June 13.

Idehu said his client has decided to discontinue its case against the two officials of Binance – Gambaryan and Nadeem, leaving only the firm as the sole defendant.

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FIRS laws asks Binance executive to enter dock

He then urged the court to direct Binance’s new representative to enter the dock and plead to the amended charge on behalf of the firm.

Krukrubo objected and argued that Nigerian law does not mandate that a company's representative stand inside a dock and plead on its behalf if the company is sued.

Krukrubo was of the view that a representative of a company that is sued may not need to attend court and could even write the court in respect of the company’s position in the case.

At that point, he prayed the court to discharge Gambaryan and Nadeem from the FIRS case since a representative had been officially sent to the court, a position Idehu agreed with.

In a ruling, Justice Emeka Nwite ordered lawyers on both sides to file written addresses arguing their positions on whether Binance’s representative should be made to mount the dock and plead to the charge on behalf of the firm.

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Justice Nwite proceeded to strike out the earlier charge and equally strike out the names of Gambaryan and Nadeem as defendants in the case.

The judge then adjourned till July 12 for arraignment of Binance on the amended charge.

Naira vs Dollar: Reno Omokri tackles Binance

Legit.ng earlier reported that Reno Omokri, a PDP chieftain and former presidential aide, has condemned Binance's allegation that officials in NSA Nuhu Ribadu's office demanded a bribe from the cryptocurrency company.

Omokri said the allegations were a ploy to escape the prosecution for their criminality because Binance had just admitted to money laundering and other dishonest acts in the US.

The former presidential aide then challenged the cryptocurrency company to name names of the officials who demanded the $150 million bribe at the NSA office.

Source: Legit.ng