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Musings From Abroad

US lawmakers want release of Binance executive in Nigerian custody

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Due to his deteriorating health, two United States legislators have requested the US embassy in Nigeria to press for the release of Tigran Gambaryan, the executive of Binance who is currently imprisoned, on humanitarian grounds.

Gambaryan, the executive director of Binance, who oversees financial crimes compliance for Binance, has been detained since February on suspicion of money laundering.

Last Monday, the tax evasion accusations against him and the other officer, who escaped detention in Nigeria in March, were withdrawn.

During a visit to the West African nation on Thursday, Republican French Hill of the US House of Representatives and Democrat Chrissy Houlahan paid Gambaryan a visit at the Kuje prison in Abuja.

An Abuja court decided last month that Gambaryan, who is representing Binance, may go to trial in the case about tax evasion. Binance CEO Richard Teng had claimed that Nigeria was creating a dangerous precedent when its executives were invited to the nation and later jailed as part of an anti-crypto campaign. The business is fighting the proceedings because it allegedly launders money and avoids taxes.

“We have asked our embassy to advocate for a humanitarian release of Tigran because of the horrible conditions of the prison, his innocence and his health,” Hill said in a video he posted on social media site X, alongside Houlahan.

During the jail visit, according to Houlahan, they discovered that Gambaryan was living in substandard conditions and that “his health is not very good and he was also clearly under a lot of stress.” Gambaryan was previously reported by Binance to have pneumonia and malaria.

The money laundering trial for Gambaryan, who is accused of stealing, was postponed until July 1st. Gambaryan appeared in court on Friday.

Nigeria has laid the blame for its currency problems on Binance. The country’s currency sank to a record low as a result of persistent dollar shortages, and cryptocurrency websites became the preferred means of trading the naira.

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Musings From Abroad

Brazilian meatpacker JBS invests $2.5 billion in Nigeria, builds six facilities

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Brazilian meatpacker JBS says it has inked a memorandum of understanding with the Nigerian government for a $2.5 billion investment plan that will include the construction of six new plants in the African nation.

Three of the plants would deal in poultry, two in beef, and one in pork, according to a statement from JBS.

In accordance with the memorandum of understanding, JBS stated that it would develop a five-year investment plan in Nigeria, which would include budget estimates, feasibility studies, and an action plan for the development of the local supply chain.

The Nigerian government would then guarantee the sanitary, regulatory, and economic conditions required for the project’s viability, JBS continued.

 

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Musings From Abroad

China’s Xi meets with Morocco’s Crown Prince

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Morocco’s official media reports that Chinese President, Xi Jinping, visited Morocco briefly on Thursday.

According to Morocco’s MAP, Crown Prince Moulay El Hassan welcomed Xi in Casablanca. The visit demonstrated the close ties of camaraderie, collaboration, and solidarity between the Moroccan and Chinese peoples, it said.

China’s official broadcaster, CCTV, said that Xi and Hassan had a “cordial conversation” at the airport after being received by the Crown Prince and Moroccan Prime Minister Aziz Akhannouch.

After attending the G20 Summit in Brazil, Xi paid the visit.

In recent years, China has increased its investments in Morocco’s rail and infrastructure. Morocco is desirable for Chinese electric car battery manufacturers because of its proximity to Europe, free trade agreements with important EU and US markets, and an established automotive sector.

Morocco was chosen by Chinese EV battery company Gotion High Tech in June to establish Africa’s first gigafactory, which will cost $1.3 billion in total.

 

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