The ruling on the bail application of Tigran Gambaryan, a Binance executive, has been scheduled for May 17 by Justice Emeka Nwite of the Federal High Court in Abuja. This decision comes after arguments from both sides regarding the request for bail.
Mark Mordi (SAN), representing Gambaryan, emphasized that the court has the authority to grant bail, especially for charges that are considered bailable offenses. He reiterated the presumption of innocence until proven guilty and highlighted his client’s eagerness to prove his innocence in court.
Mordi also noted that Gambaryan is cooperative, as evidenced by the surrender of his international passport to the EFCC. He criticized the EFCC for using his client as leverage for information from his employer rather than following legal procedures.
In opposition, EFCC’s lawyer, Ekele Iheanacho, argued against granting bail to Gambaryan, citing concerns over the defendant’s citizenship status and potential flight risk. Iheanacho asserted that the EFCC’s intervention prevented the defendant from obtaining a new passport, which could have facilitated his escape.
During the hearing, Mordi refuted the prosecution’s claim regarding Gambaryan’s citizenship and highlighted his client’s willingness to stand trial despite being in custody for an extended period.
Justice Nwite listened to the arguments from both sides and deferred the ruling to May 17, 2024. Gambaryan, representing Binance Holdings Limited, pleaded not guilty to the money laundering allegations brought forth by the EFCC.
The charges against Binance Holdings Limited and Gambaryan involve allegations of money laundering totaling $35,400,000. The EFCC specifically accused the defendants of engaging in financial activities without proper authorization between January 2023 and January 2024, contravening relevant sections of the Banks and Other Financial Institutions Act, 2020.