A Montenegro court granted bail worth $428,000 each for Terraform Founder Do Kwon and former CFO Han Chang-Joon after a High Court voided the initial approval.
Kwon and Han were arrested in March just before they boarded a private plane flying to Dubai in the UAE. The former Terraform Labs executives were detained with allegedly forged passports and travel documents. An Interpol Office in Brussels confirmed that the documents were fake while South Korean authorities confirmed Kwon’s identity after an ID was examined.
A lawyer representing Kwon and Han requested bail in the amount of 400,000 euros for each individual. Prosecutors countered that the amount was insignificant and raised flight risk concerns. The request was approved by a Basic Court in Podgorica a day after and annulled by a Montenegro High Court nearly a week later.
The latest court approval means that Do Kwon will be released after paying $428,000 in bail pending a court hearing on June 16. A Montenegro court could sentence Kwon to five years in prison if prosecutors secure a conviction on forgery charges.
Do Kwon’s Charges
Elsewhere Do Kwon faces criminal prosecution in at least the U.S. and South Korea. Governments from both countries requested Do Kwon’s extradition from Montenegro. It’s undecided where prosecutors will first get to arraign Kwon although South Korean authorities are pushing for extradition
Assets tied to Do Kwon worth $175 million were seized in South Korea while his co-founder Daniel Shin is currently on trial. Shin claims he left Terraform Labs before the company’s multi-billion dollar crash.
The SEC already charges including securities fraud and wire fraud in the U.S.
