Court Sets May 17 for Decision on Bail Application of Detained Binance Executive

The Federal High Court in Abuja has scheduled May 17 to determine whether Tigran Gambaryan, a top official of Binance Holdings Limited currently in prison custody, should be granted bail pending the resolution of the money laundering charge against him.

The trial judge, Emeka Nwite, presiding over the trial, on Tuesday, adjourned the hearing regarding Mr Gambaryan’s bail request.

This decision was made amidst arguments from the Economic and Financial Crimes Commission (EFCC), the prosecuting body, urging the court to keep Mr Gambaryan detained at Kuje prison.

The EFCC presented information to the court suggesting that there were plans for the defendant to escape custody and leave the country, similar to his colleague’s actions.

He can’t be trusted

According to the EFCC, Mr Gambaryan had attempted to obtain a new international passport from the United States Embassy, raising concerns about his intention to abscond if granted bail due to his Armenian citizenship by birth.

” He has not denied his Armenian citizenship,” he said. 

Mr Gambaryan, through his legal team led by Mark Mordi, who is a Senior Advocate of Nigeria (SAN), applied on April 4, citing sections 157 and 162 of the Administration of Criminal Justice Act, 2015, to request bail. 

Mr Mordi argued that the charges against him were bailable offences, emphasising his presumption of innocence under the 1999 Constitution as amended.

He contended that the prosecution failed to provide credible evidence to support its claim that Gambaryan posed a flight risk.

“The prosecution has not presented any credible evidence to establish why the defendant should not be granted bail,” the defence lawyer submitted, adding that the claim that his client was planning to escape from the country was based on “hearsay, unreliable and inadmissible evidence.”

“My client is anxious and very desirous to prove his Innocence. This whole thing is that they want to use the defendant as leverage to obtain information from his employer. That is basically what this case is all about.”

“This is purely a state-sanctioned hostage-taking,” Mr Mordi stated. 

In response, EFCC’s counsel, Mr Ekele Iheanacho, highlighted Mr Gambaryan’s colleague’s escape from custody and argued against granting bail.

Mr Iheanacho pointed out Mr Gambaryan’s attempt to obtain a new travel document while being aware of his passport’s custody by the state, suggesting a potential flight risk. 

He emphasised the defendant’s lack of ties to Nigeria and his dual citizenship status.

“There was an attempt by this defendant to procure another travelling document even when he was aware that his passport was in the custody of the state. He pretended as if the said passport was stolen.”

“My lord, he made the move within the same period that his colleague escaped from custody and fled the country.”

“If not that operatives of the Commission intercepted him, that act would have been completed.”

“This court will be taking a grave risk to grant the defendant bail. This is also because he has no attachment to any community in Nigeria.”

“The fact that the passport of the defendant is with the complainant does not also guarantee that he will remain in Nigeria. He is not only an American citizen, he was born in Armenia and has citizenship by birth.”

“The experience we have had with the man who escaped to Kenya while his United Kingdom passport is in Nigeria will certainly repeat itself if this defendant is granted bail.”

“Because of information we have received, we have even proposed that the defendant be returned to EFCC custody where he will be taken good care of, instead of the prison. It was an option we initially opposed.”

“The 1st defendant (Binance) is operating virtually. The only thing we have to hold on to is this defendant. So, we pray my lord to refuse bail to the defendant,” he said. 

After hearing arguments from both sides, the judge, Mr Nwite adjourned the matter for ruling.

Mr Gambaryan faces a five-count charge alongside his employer, Binance Holdings Limited, over alleged money laundering and terrorism financing involvement.

Despite the seizure of their international passports, Mr Gambaryan’s colleague, Nadeem Anjarwalla, Africa Regional Manager of Binance, escaped custody and fled to Kenya. 

However, legal actions are underway to arrest and extradite him to Nigeria for trial.

Meanwhile, both the EFCC and the Federal Inland Revenue Service (FIRS) have filed separate criminal charges against Gambaryan, Anjarwalla, and the company, with the EFCC accusing them of financial malfeasance and the FIRS alleging tax fraud.