- South Korea’s Ministry of Justice issued an opinion to the Ministry of Justice of Montenegro saying that Terraform Labs CEO Do Kwon should not be released on bail.
- Prosecutors in Montenegro have filed an appeal against Terra co-founder Do Kwon and chief financial officer Han Chang-Joon’s bail conditions.
- Montenegro is not the only nation threatening Kwon.
According to local news, The South Korean Ministry of Justice advised the Montenegrin Ministry of Justice that “the bail of Kwon Do-hyung (Do Kwon), CEO of Terraform Labs (TFL), is incorrect.”
On May 23, a Seoul Southern District Prosecutor’s Office official stated:
“I know that the Ministry of Justice expressed and conveyed the opinion that ‘CEO Kwon’s bail is inappropriate’ to the Montenegro Ministry of Justice.”
Prosecutors in Montenegro have filed an appeal against the bail conditions imposed on Terraform Labs co-founder Do Kwon and chief financial officer Han Chang-Joon.
Kwon urged the Montenegro court on May 11 to release him on bail of 400,000 euros ($436,000) under the condition of home arrest, and the next court agreed.
Nevertheless, Montenegrin prosecutors filed an appeal, noting the low bail amount in comparison to Kwon’s wealth. It is unknown if bail was posted or an appeal was filed.
Kwon was detained in Podgorica on March 23 on allegations of possessing a falsified passport. Last month, Montenegrin prosecutors charged Kwon and Han with forgery for allegedly using phony passports from Belgium and Costa Rica. Forging papers is punished by up to five years in jail.
According to a prosecution official:
“We are working hard to request the extradition of Kwon, and we are closely watching related matters.”
Montenegro is not the only nation threatening Kwon, Han, and other Terraform Labs executives with the death penalty (the company behind Terra). Courts in South Korea, Singapore, and the United States are also looking at them. The Securities and Exchange Commission (SEC) of the United States charged Kwon and others with intentionally dealing unregistered securities.
On Wednesday, the Public Prosecutor’s Office in the country’s capital, Podgorica, also filed a formal appeal against the court’s decision to release Kwon and Han on bail on May 12.
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