Why Court Discharged Binance Executives In Tax Evasion Case

In a significant development, Tigran Gambaryan and Nadeem Anjarwalla of Binance Holdings Limited were acquitted of tax evasion charges by an Abuja Federal High Court on Friday.

The case had been brought before the court by the Federal Inland Revenue Service (FIRS).

The court’s ruling followed amendments made by the FIRS to its charges, prompted by Binance’s appointment of a Nigerian representative, Ayodele Omotilewa.

Initially, the FIRS had initiated legal proceedings against both Binance and Gambaryan on March 22, 2024, alleging tax evasion.

Subsequently, on May 17, 2024, the FIRS revised its lawsuit, asserting that Binance had failed to collect and remit various taxes, including Value Added Tax and Company Income Tax, as mandated by Section 40 of the FIRS Establishment Act 2007, as amended.

The decision to discharge Gambaryan and Anjarwalla came after Binance and the FIRS confirmed Omotilewa’s appointment as the company’s representative. Following this confirmation, the FIRS modified its charges, focusing solely on Binance as the defendant in the ongoing legal proceedings.

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