Court To Rule On Binance Executive’s Bail Application May 17
Ayuba Sanusi
JUSTICE Emeka Nwite of a Federal High Court sitting in Maitama, Abuja yesterday, Tuesday 23 April 2024, deferred ruling in the bail application of Binance Holdings Limited and one of its executive, Tigran Gambaryan till 17 May 2024.
The Economic and Financial Crimes Commission (EFCC) is prosecuting Gambaryan alongside Binance Holdings Ltd and Nadeem Anjarwalla, (currently at large) on five-count charges bordering on alleged tax evasion, currency speculation and money laundering to the tune of Thirty-Four Million, Four Hundred Thousand United States Dollars ($34,400,000).
The court had on Thursday,18 April 2024 adjourned trial till Tuesday for prosecution counsel, Mr Ekele Eheanacho to respond to a bail application filed by the defence counsel, Mark Mordi (SAN).
At Tuesday’s proceedings, Mordi argued that the court had the power to grant bail to the defendant and impose conditions to ensure his presence in court.
“My Lord, we have an application filed on 4 April 2024, supported by a 17-paragraph affidavit. We rely on all depositions found in the affidavit. There are four reasons why my lord should grant us bail. Pursuant to sections 157 and 52 of ACJA, My Lord has the power to grant bail. It is not a capital offence or felony,” Mordi said.
However, Eheanacho opposed the bail application, stating that the defendant was a flight risk. “The defendant attempted to obtain a new passport, which he claimed was stolen, and this was a suspicious act given the proximity to his colleague’s escape from custody. We cannot risk granting him bail, especially since he is not attached to any community in Nigeria,” he said.
Arguing further, Iheanacho stated that “the fact that the passport of the defendant is with the complainant does not guarantee that he will remain in Nigeria because the defendant is not only an American citizen but also an Armenian citizen by birth. We are urging the honourable court to refuse the application and instead remand him in EFCC custody to ensure his safety and prevent potential flight risk.”
In response to this, Mordi argued that the defendant posed no flight risk and that the prosecution was not certain that the defendant has an Armenian passport, adding that “Moreover, there is no Armenian Embassy in Nigeria that issues or prints passports.”
After listening to the submissions, the court adjourned the matter till 17 May 2024, to rule on the bail application.
Eighteen-Eleven Media
