- Justice Emeka Nwite of the Federal High Court in Abuja has postponed the decision on a new bail application for Binance executive Tigran Gambaryan, accused of financial crimes, until October 9, 2024.
- Gambaryan’s request for bail on medical grounds was opposed by the prosecution, citing sufficient medical care provided locally.
Justice Emeka Nwite of the Federal High Court sitting in Abuja has deferred his decision on a new bail application submitted by Tigran Gambaryan, a prominent executive of Binance Holdings Limited. The ruling is now scheduled for October 9, 2024, as Gambaryan faces prosecution by the Economic and Financial Crimes Commission (EFCC).
Charges Against Gambaryan and Binance
Gambaryan, alongside Binance, is embroiled in a legal battle involving five serious charges, including tax evasion, currency speculation, and money laundering. The total amount implicated in these allegations reaches a staggering $34.4 million. This high-profile case has attracted significant attention due to the prominent position of Binance in the cryptocurrency industry and the gravity of the accusations.
Bail Plea on Medical Grounds
During the recent court session, Gambaryan’s legal representative, Mark Mordi, SAN, passionately argued for his client’s release on bail. Mordi cited severe health issues that allegedly necessitate immediate medical attention abroad. According to the defense, Gambaryan’s health condition is deteriorating, making it imperative for him to seek treatment outside Nigeria.
However, this plea was met with staunch opposition from the prosecution, led by Ekele Iheanacho. The prosecution presented evidence from reputable medical facilities, including the State House Clinic and the Nigerian Correctional Service (NCS), asserting that Gambaryan had received adequate medical care within the country. Iheanacho further accused Gambaryan of refusing treatment in a bid to fabricate grounds for leaving the correctional facility.
Prosecution’s Stance on the Bail Application
Iheanacho also highlighted that Gambaryan’s recent appeal against a prior bail denial renders the fresh application an abuse of the court process. The prosecution’s stance is clear: granting bail under the present circumstances could undermine the integrity of the judicial proceedings and possibly allow Gambaryan to evade justice.
Awaiting Justice Nwite’s Decision
After hearing the arguments from both sides, Justice Nwite decided to adjourn the case until October 9, 2024. This forthcoming date is set for a ruling on the bail application and will also mark the continuation of the trial proceedings.
The legal community and stakeholders within the cryptocurrency sector are keenly observing this case, as its outcome could have far-reaching implications for Binance and the regulatory landscape of digital currencies.
This pivotal decision will determine not only the immediate future of Tigran Gambaryan but also signal the judiciary’s stance on high-profile financial crime cases involving global entities like Binance.
