By Emmanuel Ogbodo
Detained Binance executive, Tigran Gambaryan, has outlined seven reasons why the Federal High Court’s decision to deny him bail should be overturned by the Court of Appeal, Abuja. His notice of appeal, dated May 31, 2024, was also referenced by the Economic and Financial Crimes Commission (EFCC) during Gambaryan’s second bail application hearing on September 4, 2024.
Previously, Justice Emeka Nwite rejected Gambaryan’s first bail request, siding with the EFCC’s argument that he posed a flight risk due to the money laundering and foreign exchange violations charges against him and Binance.
Gambaryan’s lawyer, Mark Mordi, believes the lower court erred in refusing bail for his client, who has been in custody since February 28, 2024. Mordi urged the Court of Appeal to reverse the decision and grant bail under “fair conditions.”
Here are the seven reasons presented by Gambaryan’s legal team:
1. Flight Risk Allegations:
Mordi argued that the lower court wrongly labelled Gambaryan as a flight risk. He emphasised that the charges against him are non-capital offences.
2. Bail Entitlement:
The lawyer contended that the court failed to fully consider the affidavit evidence in favour of his client and improperly denied bail, as none of the case’s circumstances justified the refusal.
3. Escape from Custody:
Mordi dismissed the EFCC’s claim that Gambaryan intended to escape custody through a “body swap” scheme, calling it baseless.
4. Reliance on EFCC’s Depositions:
Gambaryan’s team argued that the lower court improperly relied on the EFCC’s depositions to assert that he would jump bail.
5. Armenian Citizenship Claims:
Mordi contended that the court accepted the EFCC’s claim about Gambaryan being Armenian-born without sufficient evidence.
6. Bail for Foreign Nationals:
Mordi stressed that Nigerian law does not discriminate between Nigerians and foreign nationals in bail matters, urging the court to impose conditions that would ensure Gambaryan remains for trial.
7. Co-Suspect’s Escape:
The legal team argued that the escape of Gambaryan’s co-suspect, Nadeem Anjarwalla, should not be grounds to deny his bail, as there was no proof Gambaryan would follow suit.
The appeal challenges the initial court ruling in the hopes of securing Gambaryan’s release.
