Binance executives Tigran Gambaryan and Nadeem Anjarwalla have been acquitted by the Federal High Court of Nigeria, chaired by Justice Emeka Nwite, from alleged tax evasion filed by the Federal Inland Revenue Service (FIRS) earlier this year, specifically around late March.
🚨JUST IN🚨
— Global Rashid (@globalrashid007) June 14, 2024
🇳🇬 Nigeria Drops Tax Charges Against #Binance Executives pic.twitter.com/iVEppbcK7E
Notably, the legal counsel defending Binance in the lawsuit announced during the court proceedings that the exchange had just appointed a Nigerian, Ayodele Omotilewa, as its representative in the country, which resulted in the FIRS withdrawing all their charges against Gambaryan and Anjarwalla.
New Charges Against Binance
In the latest turn of events, the FIRS filed new charges asserting that Binance and its executives had failed to comply with laws regulating cryptocurrency exchange tax collection and remission.
Among other offenses associated with tax, the FIRS cited that the exchange in their service delivery to Nigerians had failed to subtract the stipulated Value Added Tax (VAT) on transactions on their trading platform.
Going further, FIRS made a case to the court that the representatives of Binance ought to take a plea in the dock in the company's name. However, the defense counsel argued that no such law in the Nigerian constitution dictates that corporate representatives engage in such practice.
Court's Verdict
In the end, Justice Emeka Nwite nullified the new allegations that emerged in court, discharged Gambaryan and Anjarwalla, and ruled that the case involved only Binance.
Furthermore, the court directed that both FIRS and Binance submit composed addresses on the subject of corporate representatives' appearance in the dock. The court then adjourned to July 12.
Meanwhile, despite the Judge's recent ruling, Gambaryan will remain in custody, with an anticipated court appearance on June 20 to continue the Economic and Financial Crime Commission (EFCC) trial. However, following the latest turn of events with the FIRS, there are chances the detained executive might obtain complete freedom.
