Alleged Money Laundering: Court Denies Medical Bail Application of Binance Executive”

A court has rejected the medical bail application of a Binance executive involved in an alleged money laundering case, citing insufficient grounds for release.

Justice Emeka Nwite of the Federal High Court in Abuja has denied Binance Holdings Executive Tigran Gambaryan’s new request for bail.

In his decision regarding the bail motion based on medical grounds, Justice Nwite denied the request, highlighting that prominent Nigerian medical professionals were already overseeing his treatment.

The judge instructed the Nigerian Correctional Service to transfer Gambaryan to a reputable hospital in Abuja for treatment, lasting from three days up to two weeks, with security oversight.

He then postponed the case to October 18, and November 22 and 25 for the trial’s continuation. Mark Mordi, representing Gambaryan, had earlier argued that his client’s health was “perilous.” He explained that his client needed surgery for a herniated disc as well as psychiatric care due to depression and anxiety.

READ ALSO: Binance Urges Nigerian Government to Release Gambaryan, Seeks Amicable Resolution

Mordi requested a six-week bail for Gambaryan, arguing that he needed to seek appropriate medical attention outside of prison due to insufficient care available while in custody.

The EFCC lawyer, Ekele Iheanacho, challenged the defense’s assertions by arguing that they overstated the seriousness of Gambaryan’s condition. He maintained that the second defendant could receive medical care while being held at Kuje Correctional Facility and claimed his health issues were insufficient to justify granting bail.

Iheanacho mentioned that Gambaryan had been brought to leading medical facilities, such as the State House Clinic and Nizamiye Hospital. He also pointed out that a medical report from the State House Clinic stated Gambaryan declined medication and treatment.

He also mentioned that the reports from Nizamiye Hospital indicated Gambaryan received thorough care and showed no signs of health decline.

Iheanacho emphasized that there is no evidence to suggest that the Nigerian Correctional Service cannot manage Gambaryan’s health condition. He stated, “Experts have been involved, and the NCS is attending to him. The findings so far do not indicate any serious illness. Complaints have been forwarded to the National Security Adviser.”

Gambaryan is facing charges of money laundering amounting to $35.4 million, filed by the Economic and Financial Crimes Commission.