An executive of Binance holdings limited, Tigran Gambaryan who is currently on trial before Justice Emeka Nwite of the federal high court Abuja, has been denied bail. The court held that Gambaryan is likely to jump if bail is granted to him.
Binance and its executive were arraigned on a five-count charge bordering on money laundering before the court, charges to which they have pleaded not guilty to the charge.
On the bail application, counsel to the defendant, Mark Mordi, argued that the court had the power to grant bail to the defendant and impose conditions to ensure his presence in court.
The prosecution counsel, Ekele Iheanacho, however opposed the bail application, stating that the defendant was a flight risk.
He stated that 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.
He added that the court cannot risk granting him bail, especially since he is not attached to any community in Nigeria.
“The fact that the passport of the defendant is with the complainant does not guarantee that he will remain in Nigeria because the defendant is not only an American citizen but also an Armenian citizen by birth,” he argued.
Justice Nwite agreed with the arguments of the prosecution but ordered the trial be given an expediated hearing.
