2 weeks Ago By Guardian Nigeria
The discontinuance of the criminal trial of Tigran Gambaryan, a citizen of the United States of America (U.S.) and a senior executive of Binance Holdings Ltd (Binance) has generated fundamental unresolved issues.
The Economic and Financial Crimes Commission (EFCC) had arraigned Gambaryan alongside Binance before a Federal High Court sitting in Abuja on a 5-count charge bordering on alleged tax evasion, currency speculation, and money laundering to the tune of $35 million. Still, it withdrew the charges against Gambaryan on compassionate grounds. Eulogising the reaction of the US to the development, the Foreign Affairs Minister, Yusuf Tuggar said in part: “President Biden has [thanked] President Tinubu for his partnership and for Nigeria’s partnership, and in particular, for the collaboration between the two countries with regards to .
.. the release of the suspect of the cryptocurrency exchanges company that we are all aware of.
” The government at the federal and state levels is imbued with the authority to terminate any criminal proceedings against any person before any court of law in Nigeria, other than a court-martial. However, it is constitutionally mandated to have regard to the public interest, the interest of justice, and the need to prevent abuse of legal process before activating this power. The action of the Federal Government in the Gambaryan matter appears to have been predicated on sentimental considerations rather than national interest.
Also, the assertion that Binance’s alleged infractions are weightier than Gambaryan’s is misconceived. The law sees companies as artificial persons and would ‘lift the veil’ to apprehend the natural persons (who are usually the top executives) managing the activities of any company accused of perpetrating fraud. Money laundering is a pervasive crime that poses significant challenges to the territorial integrity of Nigeria.
It undermines national security, political stability, economic system, and financial markets, and significantly contributes to increased violent crimes, corruption and other vices with far-reaching consequences. Regrettably, the government failed to avert its attention to the dangers of this hydra-headed evil before halting Gambaryan’s trial..
