Gambarya, who is being tried for money laundering will, however, get an accelerated hearing despite failure to secure bail
By Kehinde Okeowo
An Abuja Federal High Court has rejected a bail application filed by embattled Binance executive, Tigran Gambaryan, agreeing with the prosecution that he is a flight risk.
While ruling on the matter on Friday, Justice Emeka Nwite, dismissed it and held that based on the affidavit evidence before him, Gambaryan would jump bail if the application was granted.
“I have carefully considered the affidavit evidence before me and I am of the view that the applicant will jump bail if granted bail,” the judge declared.
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However, despite denying the bail application, Justice Nwite ordered an accelerated hearing in the trial.
Prior to the verdict, the News Agency of Nigeria (NAN) had reported that Justice Nwite had, on April 23, fixed Friday for the ruling after counsel for the Economic and Financial Crimes Commission (EFCC), Ekele Iheanacho, and Gambaryan’s lawyer, Mark Mordi, SAN, adopted their processes and argued their case against and for the bail plea.
He also ordered the remand of Gambaryan in Kuje Correctional Centre after he pleaded not guilty to the money laundering charges preferred against him by the EFCC..
The anti-graft agency had accused Binance Holdings Limited, Gambaryan and another agent of the company, Nadeem Anjarwalla, of allegedly conspiring amongst themselves to conceal the origin of the financial proceeds of their alleged unlawful activities in Nigeria including $35,400, 000.