Terraform Labs (TFL) co-founder Do Kwon and former CFO Han Chang-jung have been released on bail after an appeal by the Montenegrin prosecutor’s office was rejected. This was reported by the court of first instance in Podgorica.
According to the case file, each defendant must contribute €400,000 ($436,000). This amount was considered “sufficient guarantee of the presence of the defendants” at subsequent meetings.
Until then, Kwon and Joon will remain under house arrest in the country. In the event of an attempt to leave the place of residence or other violations, the deposit will be confiscated. The police will monitor compliance with the surveillance measures.
In deciding to release the suspects on bail, the court reviewed the personal and financial information they provided, including contracts for the sale and registration of ownership of Zhong’s apartment and other real estate, as well as the invoice for the vehicle and Kwon’s bank statement.
For its part, the court will verify the authenticity of the Belgian passports and identity cards confiscated from the defendants.
Recall, on March 23, Montenegrin police arrested Do Kwon and Han Chang-chung while trying to fly from Podgorica airport to Dubai using forged documents.
Kwon’s detention took place at the request of law enforcement agencies in the United States, Singapore and South Korea. Earlier, the media, citing the Seoul prosecutor’s office, reported that he was hiding in Serbia.
In May, South Korea called on Montenegro to send Do Kwon home. The United States is also seeking extradition for the head of the TFL, where he has been charged with fraud by the Securities and Exchange Commission and the New York Federal Attorney’s Office.
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