Montenegrin Basic Court Reapproves Do Kwon’s $430K Bail Request

Do Kwon, co-founder of Terraforms Labs and the collapsing ecosystem of Terra-Luna, has asked for $430,000 bail and has received re-approval from the Podgorica District Court.

This new development comes less than two weeks after a higher court in Podgorica approved plaintiffs’ appeal against the lower court’s decision to release Kwon as court proceedings continue over his document falsification allegations.

Kwon’s bail application has been reapproved.

According to a official speech By the Primary Court of Podgorica, the new decision considered all grounds for termination of the initial ruling. Kwon and Han Chung-joon, his assistant, will be released on bail of $430,000 each and held in an apartment to be watched by the police.

The primary court issued the preliminary ruling in mid-May after defense lawyers offered to release Kwon and his co-founder from custody and detain them at an address available for regular court visits during court hearings.

Prosecutors opposed the motion because Kwon and John had no concrete reason to remain in Montenegro until the next hearing date, which was scheduled for June 16. They eventually appealed the decision to the Supreme Court, where the decision was overturned. Con and John were considered in jail until the court proceedings were over.

“In making this decision, the court took into account the evidence regarding the defendants’ financial situation provided by their counsel, the seriousness of the criminal offense that they are reasonably suspected of having committed, their personal and family circumstances, as well as the financial situation of the persons who provided bail, and the opinion of the prosecutor,” the court said. Primary.

Kwon is waiting to be delivered

While Kwon and his accomplice are under house arrest, the court intends to verify the authenticity of the travel documents and identity cards that were found in their possession when they were arrested at Podgorica Airport.

Kwon pleaded not guilty to charges of falsifying documents. The international fugitive was on the run months before his arrest and was caught trying to flee to Dubai on a private jet. He faces a maximum penalty of five years in prison, with John, if found guilty.

Montenegro authorities stated that Kwon must finish criminal proceedings in the country before extraditing him to the United States or South Korea to face the Terra Ecosystem Collapse Act.