Binance has responded to the Federal High Court of Nigeria’s rejection of detained Binance executive Tigran Gambariyan’s second bail application, criticizing his “220-day detention.”
Friday’s reaction followed a ruling by Justice Emeka Nwaito, who described a second bail application by Gambarian’s lawyers as an “abuse of the court process”.
The new bail application was argued by Mr Gambarian’s lawyer Mark Mordi (San State) and the Economic and Financial Crimes Commission (EFCC) lawyer Ekere Iheanacho (San State).
what happened in court
Nairametrics previously reported that a medical report (exhibited in court) from the State House Annex Clinic in Asokoro, Abuja states that detained Binance executive Tigran Gambalyan was examined by a neurosurgeon in July 2024. The report claims that he refused the prescribed medicine and food.
The EFCC has refuted health claims made by the family and legal team of a Binance executive detained in Nigeria on money laundering charges.
Despite the family’s claims that Gambarian “can no longer walk” due to a health condition involving disc problems, the EFCC disputed these claims.
Mark Moldy (SAN) applied to the court to grant the defendant bail on lenient terms or for six weeks on the grounds of poor health.
He said the EFCC intended to deny that the defendant had any serious health problems, but the evidence, including medical reports, showed that the defendant had no serious health problems, citing that the client was highly recommended for surgery. It argued that this indicates a need for medical care.
Ekere Iheanacho said Gambarian had filed an appeal against the first bail application rejected by the court and asked the court to reject the fresh bail application.
He also accused Gambarian of refusing treatment by a Nigerian doctor.
In a ruling on Friday’s submissions, Nwite ruled there was no dispute that Mr Gambarian’s first bail application rejection, which also related to health, was appealed.
Ms Nwaito said the latest bail application amounted to an abuse of court process as Mr Gambarian was pending an appeal against his initial bail refusal.
Further, relying on the medical records before him, Mr. Nwite said that eminent Nigerian medical experts were already looking after Mr. Gambarian’s health.
However, the court ordered the Nigeria Correctional Service to refer Gambarian to a standard hospital in Abuja under security supervision.
Binance and Gambarian family comments
After the court hearing in Abuja, a Binance spokesperson said in a statement obtained by Nairametrics: He has been illegally detained for more than 220 days. ”
The spokesperson maintained that Tigran did not go to Nigeria as a decision-maker and there was no legitimate reason to keep him in custody.
“We are committed to working with the Nigerian government to resolve the issue, but Mr. Tigran must be allowed to return home,” a Binance spokesperson said.
Yuki Gambarian, Tigran’s wife, also agreed with Binance, saying, “Everyone knows that Tigran is in no way a decision maker at Binance and is completely innocent. We are surprised by this decision. No.”
She stressed that her husband needed proper medical assistance and expressed hope that the “damage” to his health would not be permanent.
“I am exhausted and very disappointed, but I will continue to fight for my husband’s rightful freedom,” Yuki said.
According to a report by Nairametrics, the court has scheduled the continuation of Mr. Gambarian’s trial in the EFCC case on October 18, November 22, and November 25, 2024.
Further information
The Director of the Securities and Exchange Commission (SEC) informed the court that the Binance platform has become the reference point for determining exchange rates in Nigeria. The SEC is the federal agency responsible for registering all stakeholders in the capital markets, the products traded in the markets, and all trading platforms. Additionally, the SEC creates rules and regulations regarding capital markets, conducts investigations, enforces compliance, and monitors markets.
According to a report by Nairametrics, a common way to buy and sell cryptocurrencies is through peer-to-peer (P2P) trading, where buyers and sellers are connected in a manner similar to markets.
Binance and its management are facing two separate lawsuits 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.
FIRS removed executives from the case and isolated Binance.
Nairametrics recalls that the executives also filed fundamental rights lawsuits against Nigerian government agencies for violating their constitutional rights to freedom.
On February 28, Nigerian authorities detained two senior Binance executives. They are Nadeem Anjarwala, 37, a British-Kenyan who serves as Africa regional manager, and Tigran Gambariyan, 39, an American, who serves as head of finance. Criminal Compliance on Binance.
However, while Gambarian’s family has expressed alarm over his health, they have also called on the EFCC to release him and pursue legal action against Binance.
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