Nigerian Judge Keeps Binance Exec Gambaryan In Jail: Health Fears Not Enough

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As a seasoned analyst with years of experience navigating complex legal and financial landscapes, I find myself deeply troubled by the ongoing detention of Tigran Gambaryan, Binance Holdings Ltd.’s executive, in Nigeria. The Nigerian Federal High Court’s decision to reject his bail application on health grounds is concerning, especially given the severity of Gambaryan’s medical condition and the apparent inability of the prison system to provide adequate treatment.

In a ruling made by Justice Emeka Nwite in the Nigerian Federal High Court on Friday, the bail application of Tigran Gambaryan, an executive at Binance Holdings Ltd., was denied due to health issues. This means that despite ongoing worries about his medical condition, Gambaryan remains imprisoned, as per Bloomberg’s report.

Binance’s Gambaryan Stays In Jail

Gambaryan, who currently holds the position of Chief of Financial Crime Compliance at Binance, has been in custody at Kuje Correctional Center, Abuja since February 2024. He stands accused of money laundering and currency manipulation, allegations that have garnered significant international attention and sparked concerns among US lawmakers who believe his detention is unnecessary.

According to Justice Nwite’s decision, it’s generally not enough for someone to be sick to be released from custody. However, if their continued detention poses a risk to others and there is no option for quarantine available, then they might be eligible for release due to their illness.

Mark Mordi, legal representative for Tigran Gambaryan, submitted a bail application due to his client’s worsening health problems, including a herniated disc that restricts mobility. During the court hearing, Gambaryan was seen in a wheelchair, which emphasized the seriousness of his situation. “I am not shocked by this verdict,” stated Yuki Gambaryan, Tigran’s wife, in a statement. “It is utterly unfair to withhold medical care from someone in Tigran’s state.

The legal team emphasizes that Gambaryan struggles with mental health issues such as depression and anxiety, stating these cannot be properly managed within a prison setting. However, the Economic and Financial Crimes Commission (EFCC) challenges the bail request, arguing that Gambaryan’s ongoing detention is necessary due to the seriousness of the allegations against him.

The conflict between Nigerian officials and Binance intensified in February as Gambaryan and his associate Nadeem Anjarwalla were taken into custody during their trip to Nigeria. Later in early April, Anjarwalla managed to evade custody. Since then, Gambaryan’s health has become a key issue in his defense, with his lawyers frequently urging for medical attention.

By July 2024, Gambaryan’s lawyers had voiced substantial worries regarding his wellbeing. These concerns were echoed louder in August when it was reported that his health had deteriorated, causing his family to voice public concern over his ability to move freely and the need for specialized medical care outside of the prison system.

Back in September 2024, an official plea for bail was presented, explaining Gambaryan’s worsening health condition and asking for a period of six weeks to obtain necessary medical care. Regrettably, this request has been turned down.

In response to his imprisonment, Binance has aggressively worked towards Gambaryan’s release. The company leveraged its social media channels to advocate for his freedom and brought the matter to public attention when their CEO, Richard Teng, revealed in a blog post that Binance officials had been approached for an undisclosed payment meant to settle legal issues in Abuja in January. This accusation has been firmly refuted by Nigerian authorities, who have dismissed it as a ploy to shift focus from Binance’s operations within the country.

At press time, BNB traded at $567.80.

Nigerian Judge Keeps Binance Exec Gambaryan In Jail: Health Fears Not Enough

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2024-10-11 20:12