Binance Chief’s Bail Fate Hangs in Balance as Court Reserves Ruling

Justice Emeka Nwite of the Federal High Court in Maitama, Abuja, has reserved ruling on a fresh bail application filed by Tigran Gambaryan, an executive of Binance Holdings Limited, until October 9, 2024. The decision was made during a court session on Wednesday, September 4, 2024.

Gambaryan, the second defendant, is being prosecuted by the Economic and Financial Crimes Commission (EFCC) alongside Binance Holdings Limited on a five-count charge that includes tax evasion, currency speculation, and money laundering involving $34,400,000. This information was disclosed in a statement released on the EFCC’s official X account today.

At the resumed hearing, the defense counsel, Mark Mordi, SAN, submitted a fresh bail application, requesting that Gambaryan be granted bail on liberal terms for six weeks to allow him to receive proper medical care for his alleged deteriorating health. Mordi argued that despite the prosecution’s objections, the exhibits, including medical reports, demonstrate that his client has a serious health condition requiring urgent medical attention, which he contends cannot be adequately managed in Nigeria.

Opposing the application, the prosecution counsel, Ekele Iheanacho, presented a 28-paragraph counter-affidavit and six exhibits, asserting that Gambaryan was in good health and had been receiving adequate medical care at reputable Nigerian hospitals.

“My lord, you will see from the responses of the Nigerian Correctional Service (NCS) and the Nigerian Intelligence Agency (NIA) that the second defendant has been receiving comprehensive medical treatment,” Iheanacho stated. “He has been seen by specialists from the teaching hospital in Gwagwalada, Nizamiye Hospital Ltd., and the State House Annex Clinic, which his counsel has described as among the best in Nigeria.”

Iheanacho further elaborated that “at the State House Clinic, he was seen by multiple specialists, and various medical evaluations and treatments were carried out. However, the records show that he refused the treatment, medication, and food provided to him, seemingly to create grounds for his release. His non-compliance led to his discharge and return to the NCS. These reports confirm that the second defendant is healthy and receiving proper medical attention. As the saying goes, you can lead a horse to water, but you can’t make it drink. I also urge my lord to consider that defendants in high-profile cases in Nigeria often claim sudden illness to delay proceedings.”

Citing Section 124(1)(a) of the Evidence Act 2011 and a Supreme Court decision in *Joshua Dariye vs. FRN*, Iheanacho argued that the fresh bail application constituted an abuse of the court process, especially since Gambaryan had already appealed the earlier denial of bail by the trial court. “We, therefore, urge my lord to dismiss this application,” he concluded.

After hearing the arguments from both sides, Justice Nwite adjourned the case to October 9, 2024, for a ruling on the fresh bail application and continuation of the trial.