Terraform Labs co-founder Do Kwon will remain in prison in Montenegro after a local court overturned his €400,000 (~$436,000) bail. Bloomberg writes about this with reference to local officials.
The High Court overturned the lower court’s ruling.
A similar decision was made regarding the company’s former financial director, Han Chang Zhong.
The agency noted that the law does not limit the number of motions that judges can file when deciding to release two South Korean citizens on bail.
Recall, on March 23, the Montenegrin police arrested Do Kwon, who was trying to fly from Podgorica airport to Dubai using forged documents.
The 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 also claims to extradite 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.
The procedure for the extradition of the CEO of the company will begin after the Montenegrin authorities complete the trial in the case of forgery. Kwon pleaded not guilty to the charges.
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