Montenegrin High Court denies Do Kwon bail

The co-founder of Terraform Labs (TFL) Do Kwon will remain in prison in Montenegro after a local court overturned its decision to grant him bail in the amount of €400 000 (~$436 000). Bloomberg, citing local officials, writes.

The High Court overturned the lower court’s ruling.

A similar decision was made regarding the company’s former chief financial officer Han Chan-joon.

The agency noted that the law does not limit the number of motions that can be filed by judges when deciding on the bail release for the two South Korean citizens.

Earlier, on 23 March, Montenegrin police arrested Do Kwon, who was attempting to fly from Podgorica Airport to Dubai with forged documents.

The detention occurred at the requests of law enforcement authorities of the United States, Singapore and South Korea. Earlier media, citing the Seoul prosecutor’s office, reported that he is hiding in Serbia.

In May, South Korea urged Montenegro to extradite Do Kwon to his homeland. Extradition of the head of TFL is also sought by the United States, where he is charged with fraud by the Securities and Exchange Commission and the U.S. Attorney’s Office for the Southern District of New York.

The extradition process will begin once Montenegrin authorities complete the proceedings in the case of document forgery. Kwon has not pleaded guilty to the charges.