Court Sets Date For Binance Executive’s Bail Verdict

Court Sets Date For Binance Executive’s Bail Verdict....KINDLY READ THE FULL STORY HERE▶

The Federal High Court in Abuja has scheduled May 17 as the date for deciding whether Tigran Gambaryan, a senior official of Binance Holdings Limited presently held in prison, should be granted bail while facing money laundering charges.

Presiding Judge Emeka Nwite deferred ruling on Gambaryan’s bail plea following a submission by the Economic and Financial Crimes Commission (EFCC), the prosecuting body, requesting the court to maintain his detention at Kuje prison. The EFCC cited intelligence suggesting Gambaryan’s intent to flee the country and revealed his attempted acquisition of a new international passport from the US embassy.

Gambaryan, through his legal team led by Mark Mordi, SAN, invoked sections 157 and 162 of the Administration of Criminal Justice Act, 2015, to seek bail, emphasizing the presumption of innocence until proven guilty. Mordi argued against the prosecution’s claim of flight risk, denouncing it as hearsay.

In response, EFCC’s counsel, Ekele Iheanacho, highlighted Gambaryan’s colleague’s escape and stressed the risk of granting bail, pointing out the defendant’s lack of ties to Nigeria and multiple citizenships.

The court adjourned the matter for further consideration. Gambaryan and Binance Holdings Limited are facing a five-count charge related to financial malpractice. Despite international passport confiscation, Gambaryan’s colleague fled to Kenya, prompting legal action by the Nigerian government against both individuals and the company on charges of money laundering, terrorism financing, and tax fraud.

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