Nigerian Court Postpones Binance Tax Evasion Hearing to June 14

As reported by Reuters, the Nigerian Federal High Court in Abuja has postponed the tax evasion case involving Binance Holdings Limited and its executive, Tigran Gambaryan. The proceedings were halted on Wednesday due to Gambaryan’s nonappearance.

The Federal Inland Revenue Service (FIRS) initiated the case, which was slated for arraignment before Justice Emeka Nwite. The judge has rescheduled the potential arraignment for June 14.

Federal High Court Postpones Binance Tax Evasion Case to June 14 Due to Executive’s Nonappearance

BINANCE EXECUTIVE FAILS TO APPEAR IN COURT – CONCERNS RAISED ABOUT PHYSICAL CONDITION

– Detained @Binance executive Tigran Gambaryan did not show up in court yesterday, May 22nd, for his tax evasion trial in Nigeria.

– The Nigerian tax authority has accused the country’s… https://t.co/ctAZK4HTDs pic.twitter.com/4BSRhTEe4t

— BSCN (@BSCNews) May 23, 2024

The Federal High Court in Abuja has postponed the tax evasion case against Binance Holdings Limited and its executive, Tigran Gambaryan, to June 14 due to Gambaryan’s absence from the court. Gambaryan, who is reportedly detained at Kuje Prison, did not appear for his scheduled arraignment, leaving both his attorney and the prosecuting counsel from the Federal Inland Revenue Service (FIRS) unaware of his location.

Justice Emeka Nwite is presiding over this case, which also involves co-defendant Binance. Last Friday, Justice Nwite denied Gambaryan’s bail request and ordered his continued detention following new money laundering charges filed by the Economic and Financial Crimes Commission (EFCC). The judge cited substantial evidence from the EFCC indicating that Gambaryan posed a flight risk.

During today’s session, FIRS attorney Moses Ideho expressed uncertainty regarding Gambaryan’s absence, stating,

“I don’t know the reason he is not here. We have been trying to reach members of the correctional center, but we have been unable to ascertain why they are not here. The correctional center has the obligation to bring him to court.”

In response, Gambaryan’s attorney, Chukwuka Ikwuazo, SAN, contended that Ideho should be aware of the executive’s location, given that Gambaryan is in federal custody. He opposed the request for a stand-down, noting their presence in court since 9 am and questioning the necessity for a delay. Both attorneys argued that the prosecution should have ensured Gambaryan’s attendance.

Tonye Krukrubo, SAN, representing Binance, also opposed the stand-down, asserting that the government’s attorney should have anticipated the absence. Ideho requested an adjournment to confirm the situation with the correctional officers, lamenting,

“It is unfortunate he is not here, my lord, and it is not my fault.”

Justice Nwite ultimately adjourned the case until June 14 for arraignment, emphasizing the importance of ensuring Gambaryan’s presence at the next hearing.

Binance CEO Critiques Nigeria’s Strategy

Binance CEO Richard Teng criticized Nigeria’s strategy in May, asserting it established a troubling precedent after Binance executives were invited to the country and subsequently detained as part of a wider crackdown on cryptocurrency. The company is contesting the allegations of tax evasion and money laundering.

The charges against Binance and its executives, Gambaryan and Nadeem Anjarwalla, a British Kenyan who serves as Binance’s regional manager for Africa, include four counts of tax evasion. These counts involve failure to register with Nigeria’s Federal Inland Revenue Service for tax obligations.

Anjarwalla, who escaped custody in March, remains included in the case. His absence has not been officially designated as ‘at large,’ which could complicate proceedings since Nigerian law mandates that all parties must be served for the case to advance. Gambaryan’s attorney, Chukwuka Ikwuazo, pointed out this as a potential hurdle.

In addition to the tax evasion charges, Binance and its executives face accusations of laundering over $35 million brought by the Nigerian Economic and Financial Crimes Commission (EFCC). The money laundering trial is scheduled for Thursday. Binance has stated it is working closely with Nigerian authorities following Gambaryan’s detention.

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