A court in Montenegro has approved bail of €400,000 (~$436,000) for Terraform Labs (TFL) CEO Do Kwon, who is accused of forgery. It is reported by the local newspaper Pobjeda.
The same amount was set for the second defendant in the case, the former financial director of the company, Han Chang Zhong. The prosecutor’s office has three days to appeal the decision.
The defendants clarified their financial situation before the court, indicating that they have “property worth several million euros, and their wives will pay the necessary amount.”
They also promised not to go into hiding until the end of the criminal proceedings, to regularly attend hearings and to live at the agreed address, which they are forbidden to leave.
The prosecution spoke out against such conditions, stating that the specified amount does not guarantee their appearance in court. According to the prosecutors, the defendants have no interest in staying on the territory of Montenegro, and no additional surveillance measures were ordered.
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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A court in Montenegro has approved bail of €400,000 (~$436,000) for Terraform Labs (TFL) CEO Do Kwon, who is accused of forgery. It is reported by the local newspaper Pobjeda.
The same amount was set for the second defendant in the case, the former financial director of the company, Han Chang Zhong. The prosecutor’s office has three days to appeal the decision.
The defendants clarified their financial situation before the court, indicating that they have “property worth several million euros, and their wives will pay the necessary amount.”
They also promised not to go into hiding until the end of the criminal proceedings, to regularly attend hearings and to live at the agreed address, which they are forbidden to leave.
The prosecution spoke out against such conditions, stating that the specified amount does not guarantee their appearance in court. According to the prosecutors, the defendants have no interest in staying on the territory of Montenegro, and no additional surveillance measures were ordered.
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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