- This included luxury housing, bank deposits and cars
- In the near future they will not be needed by the scammer
South Korean court satisfied a petition from the local prosecutor’s office to freeze Do Kwon’s domestic assets and property in the amount of 233.3 billion Korean won ($176 million). The Seoul Southern District Attorney’s Office announced this on Wednesday.
The frozen assets include Kwon’s private residence in Seoul, real estate, and cars. As well as many securities, cryptocurrencies and bank accounts. So, Do Kwon has bonds in Mirae Asset Securities Co., deposits in Woori Bank, and cryptocurrencies on various exchanges.
An asset freeze means that the suspect can no longer use, sell or move the assets. But the final confiscation can be applied only after a guilty verdict of the court.
“233.3 billion won is the maximum amount of assets and property equivalent to illegal profits [Квона]which is subject to restitution, ”a representative of the Korean prosecutor’s office comments on the decision.
The agency declined to name further plans for Kwon’s remaining assets in South Korea. They also did not disclose details about how cooperation with foreign authorities is progressing in order to find and freeze his assets outside of Korea. But it is known that Serbia confiscated Do Kwon’s apartment for $2.2 million.
The ex-head of Terra was arrested in Montenegro on March 23 and faces 40 years in prison. A new court hearing in Do Kwon’s case has been scheduled for May 11.