Court denies Binance executive bail

Binance, Money laundering charges, Binance Gambaryan

A Federal High Court in Abuja has dismissed a fresh bail application filed by the detained Binance Holdings Limited’s executive, Tigran Gambaryan.

Justice Emeka Nwite, in a ruling on Friday, October 11, 2024, dismissed the application on the ground that it constituted an abuse of court process.

Justice Nwite held that Gambaryan’s request could not be granted when he was still challenging the earlier bail ruling at the Court of Appeal.

The judge, who stressed that the defendant failed to withdraw his pending appeal against the earlier ruling on his bail application before filing another motion, said such act amounted to an abuse of court process.

“There is no gainsaying on this leg alone that this application is bound to fail,” he said.

Justice Nwite further held that Gambaryan had not shown to the court that the Nigerian Correctional Service (NCoS) had no enough facility or had failed to take care of his ill health.

“Therefore, the facts before the court have shown that the Nigerian Correctional Service has the capacity to treat the second defendant,” Justice Nwite added.

The judge, however, ordered the NCoS to refer Gambaryan to any standard hospital in Abuja for a period of two to three days.

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Justice Nwite thereafter adjourned the matter until October 18, November 22, and November 25, 2024, for the continuation of trial

Justice Nwite had fixed today for the ruling on the second bail application due to his absence in court on Wednesday.

The counsel for the Economic and Financial Crimes Commission (EFCC), Ekele Iheanacho (SAN), on September 4, vehemently opposed the bail application moved by Mark Mordi (SAN) on Gambaryan’s behalf.

Iheanacho, who argued that the Binance executive was being given the best medical treatment by the NCoS, alleged that Gambaryan, at one time, rejected the medical intervention by the State House Clinic in Abuja

He stated that despite Gambaryan’s ill-health was not as worse as it was being portrayed, the report released by the clinic showed that the defendant was dissatisfied with the medical attention being offered and rejected it.

The anti-graft agency’s lawyer urged the court to dismiss the fresh application.

The EFCC is prosecuting Binance Holdings Limited and Gambaryan on four-count money laundering charge.

The Star