A Nigerian court has denied a bail application for Tigran
Gambaryan, an executive at Binance Holdings Ltd., citing his trial on money
laundering and currency manipulation allegations.
The court ruled today (Friday) that Gambaryan’s health
condition did not justify his release. Justice Emeka Nwite of the Federal High
Court in Abuja noted that illness alone does not warrant bail unless it poses a
threat to others.
Binance Executive’s Health Concerns
Gambaryan, who is the head of financial-crime compliance at
Binance, has been in custody since February. His lawyer, Mark Mordi, argued
that Gambaryan needs medical treatment for a herniated disk that has severely
affected his mobility. Gambaryan appeared in court in a wheelchair.
Following the ruling, Gambaryan’s wife, Yuki Gambaryan,
expressed her disappointment, stating it was unjust for her husband to be
denied necessary medical care. The legal conflict began in February when
Nigerian authorities detained Gambaryan and a colleague during a visit to the
country. The colleague escaped detention.
Gambaryan has been held at the Kuje correctional center in
Abuja since April. In response to the situation, Binance has used social media
to call for his release. CEO Richard Teng claimed that Nigerian authorities
demanded a “secret” payment to resolve their issues. Nigerian
officials have denied these allegations, labeling them a diversion from
Binance’s activities.
This article was written by Tareq Sikder at www.financemagnates.com.
