Federal High Court Discharges Binance Executives from Tax Evasion Charge

Federal High Court in Abuja Discharges Binance Executives from Tax Evasion Charge

In a recent ruling by Justice Emeka Nwite, the executive of Binance Holdings Limited, Tigran Gambaryan, and his colleague Nadeem Anjarwalla have been discharged from an alleged tax evasion charge brought against the company by the Federal Inland Revenue Service (FIRS).

The ruling came after FIRS’ counsel, Moses Ideho, filed a fresh amended charge listing Binance as the sole defendant, thereby removing Gambaryan and Anjarwalla from the four-count charge.

During the court proceedings, Gambaryan appeared in the dock while Binance’s newly appointed representative in Nigeria, Ayodele Omotilewa, also made an appearance.

However, there was a disagreement between the defense and prosecution on whether Omotilewa should enter the dock to take a plea on behalf of the company. The defense argued that the representative was not served with the amended charge and should not be required to enter the dock.

The prosecution cited the ACJA Act to support their argument that a company’s representative should be in the dock during a criminal trial. The defense countered by stating that the Act does not explicitly require a representative to be in the dock.

Ultimately, Justice Nwite granted the prosecution’s application to substitute the amended charge and discharged Gambaryan from the dock. The judge also ordered the parties to file written arguments regarding whether Binance’s representative should be docked or not.

The matter has been adjourned until July 12 for plea, with Binance Holdings Limited now listed as the sole defendant in the case. The charge alleges that Binance failed to register with FIRS for tax purposes, a violation punishable under the Value Added Tax Act.

This development marks a significant turn in the case, with the focus now solely on Binance as the defendant in the tax evasion charge. Stay tuned for further updates on this ongoing legal battle.