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Court adjourns hearing on Binance executive’s bail application

Court adjourns hearing on Binance executive’s bail application %Post Title








Justice Emeka Nwite of the Federal High Court, Mariana, Abuja has adjourned hearing on the bail application of Binance Holdings Limited and its executive, Tigran Gambaryan till May 17, 2024.

Gambaryan alongside Binance Holdings Ltd are being prosecuted by the Economic and Financial Crimes Commission (EFCC), on a five-count charges bordering on alleged tax evasion, currency speculation and money laundering to tune of $34,400,000 (Thirty-Four Million, Four Hundred Thousand United States Dollars).

This was disclosed in a post by the EFCC on Tuesday, April 23.

The post partly reads: “The court had on Thursday, April 18, 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 April 4, 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 is 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.

“After listening to the submissions, the court adjourned the matter till May 17, 2024, for ruling on the bail application.”

Source: X | officialEFCC

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