Justice Emeka Nwite of the Federal High Court in Abuja has refused to grant bail to Tigran Gambaryan, an executive of Binance Holdings Limited. Gambaryan, along with the company, faces a five-count charge related to money laundering.
Defendants Plead Not Guilty
Gambaryan and the company pleaded not guilty to the charges during their arraignment. The charges are serious, involving allegations of significant financial misconduct.
Defense’s Bail Application
Mark Mordi, counsel for the defense, argued that the court possesses the authority to grant bail and could impose strict conditions to ensure Gambaryan’s presence throughout the trial. Mordi emphasized that bail is a right and necessary for the preparation of the defense.
Prosecution’s Opposition
Ekele Iheanacho, the prosecution counsel, opposed the bail application, asserting that Gambaryan is a flight risk. Iheanacho highlighted a suspicious attempt by Gambaryan to obtain a new passport, claiming his current one was stolen. This action, close to his colleague’s escape from custody, raised concerns about his intention to flee.
Risk Factors Highlighted
Iheanacho argued that Gambaryan’s dual citizenship as an American and Armenian further complicated the matter. Without ties to any Nigerian community, there was a significant risk of him absconding. The prosecution insisted that remanding Gambaryan in the custody of the Economic and Financial Crimes Commission (EFCC) was necessary to mitigate this risk and ensure his availability for trial.
Court’s Ruling
In his ruling, Justice Nwite acknowledged the severity of the charges and the potential risk of flight. He agreed with the prosecution’s assessment, stating that the likelihood of Gambaryan jumping bail was high. Consequently, he denied the bail application and ordered that the trial proceed with an accelerated hearing schedule.
Accelerated Hearing Ordered
Following the ruling, Justice Nwite directed that the trial be expedited to ensure a swift resolution of the case. The first witness called by the EFCC was a staff member from the Securities and Exchange Commission, marking the commencement of the prosecution’s case.
This decision underscores the judiciary’s commitment to addressing serious financial crimes and ensuring that defendants are available to face justice.
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Written By: Doris Chinwe Omemgbeoji