Binance has reacted to a Nigerian Federal High Court’s rejection of a second bail application by detained Binance executive Tigran Gambaryan, criticizing his “220 days” in detention.
The reaction on Friday followed the ruling of Justice Emeka Nwite, who described Gambaryan’s legal team’s second bail application as an “abuse of court process.”
The fresh bail application was argued by Gambaryan’s lawyer, Mark Mordi, SAN, and the counsel for the Economic and Financial Crimes Commission (EFCC), Ekele Iheanacho, SAN.
What Transpired in Court
Nairametrics previously reported that a medical report (an exhibit before the court) from the State House Annex Clinic in Asokoro, Abuja, alleges that detained Binance executive Tigran Gambaryan refused prescribed medications and food when attended to by a neurosurgeon in July 2024.
The EFCC countered health claims made by the family and legal team of the detained Binance executive, who is facing money laundering charges in Nigeria.
Despite the family’s insistence that Gambaryan “can no longer walk” due to a health condition involving a disk issue, the EFCC contested these claims.
Mark Mordi, SAN, applied for the court to grant the defendant bail on liberal terms or, alternatively, to admit him to bail for six weeks on the basis of ill health.
He argued that the EFCC purported to deny that the defendant has a serious health issue, but exhibits, including the medical reports, show he needs medical care, citing strongly recommended surgery for his client.
Ekele Iheanacho urged the court to dismiss the fresh bail application, stating that Gambaryan had filed an appeal against the first bail request that was rejected by the court.
He also accused Gambaryan of refusing treatment from Nigerian medical practitioners.
Ruling on their submissions on Friday, Nwite held that it is undisputed that Gambaryan’s first bail application rejection, which also pertains to health, has been appealed.
Nwite stated that the current bail application amounts to an abuse of court process because Gambaryan has a pending appeal against the refusal of his first bail.
Furthermore, Nwite, relying on the medical records before him, said renowned Nigerian medical experts are already managing Gambaryan’s health.
However, the court ordered the Nigerian Correctional Service to refer Gambaryan to any standard hospital in Abuja, under security supervision.
What Binance and Gambaryan’s Family Are Saying
Following the court hearing in Abuja, a Binance spokesperson stated in a statement seen by Nairametrics: “We are deeply disappointed by the court’s decision to deny Tigran bail, particularly given his deteriorating health. He has been unlawfully detained for over 220 days.”
The spokesperson alleged that Tigran did not go to Nigeria as a decision-maker, and there is no good reason to continue to hold him.
“We are committed to working with the Nigerian government to resolve these issues, but Tigran must be allowed to go home,” the Binance spokesperson said.
Also, Tigran’s wife, Yuki Gambaryan, aligned with Binance, stating, “We all know that Tigran was never a decision-maker at Binance and that he is entirely innocent. I am not surprised by this decision.”
She emphasized that her husband needs appropriate medical help, expressing hope that the health “damage” he is suffering will not become permanent.
“I am exhausted and deeply disappointed, but I will continue fighting for my husband’s rightful freedom,” Yuki said.
Nairametrics reports that the court has scheduled October 18, November 22, and November 25, 2024, for the continuation of Gambaryan’s trial in the EFCC case.
More Insights
A director from the Securities and Exchange Commission (SEC) informed the court that the Binance platform has become a reference point for determining Nigeria’s exchange rate. The SEC is a federal government agency responsible for registering all capital market stakeholders, instruments to be traded on the market, and all trading platforms. Additionally, the SEC makes rules and regulations for the capital market, conducts investigations, enforces compliance, and monitors the market.
Nairametrics reports that a popular method of buying and selling cryptocurrency is through peer-to-peer (P2P) transactions, where the seller and buyer are connected in a manner similar to a marketplace.
Binance and its executives are facing two separate suits from the Federal Inland Revenue Service (FIRS) and the EFCC; the former relates to tax evasion, and the latter to money laundering and foreign exchange violations.
The FIRS has discharged the executives from its case, isolating Binance.
Nairametrics recalls that the executives also filed a fundamental rights case against agencies of the Nigerian government, citing a violation of their constitutional right to liberty.
On February 28, Nigerian authorities detained two senior Binance executives: Nadeem Anjarwalla, a 37-year-old British-Kenyan who serves as the regional manager for Africa, and Tigran Gambaryan, a 39-year-old American who is the head of financial crime compliance at Binance.
However, Gambaryan’s family has raised alarms over his health while urging the EFCC to release him and pursue its case against Binance.
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