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Do Kwon to Be Released on €400,000 Bail, Pleads Not Guilty in Montenegro

Press Releases Crypto News Bitcoin News Do Kwon to Be Released on €400,000 Bail, Pleads Not Guilty in Montenegro

Terraform founder Do Kwon will be released from jail but placed under police surveillance at a local residence, a Montenegrin court has decided. The trial against him and another Korean, on charges of travelling on false documents, opened on Thursday with both pleading not guilty.

Court Grants Bail Request for Do Kwon, Puts Him Under House Detention

A first instance court in Podgorica has agreed to release the founder and former chief executive of failed blockchain firm Terraform Labs, Do Kwon, and another South Korean citizen on bail, local and foreign media reported. They are charged with attempting to use forged personal documents in the small Balkan nation.

Do Kwon, or Kwon Do-Hyung as is his full name, was arrested by Montenegrin authorities on March 23 while trying to board a flight for Dubai on a Costa Rican passport. He was detained together with a companion identified by his surname, Han. Previous reports have suggested that is the company’s Chief Financial Officer, Han Chang-joon.

On Friday, the court accepted 400,000 euros ($435,000) in bail for each of the two suspects, pending the outcome of their trial which started a day earlier, the Associated Press and the Vijesti news portal informed. However, they will not be allowed to leave their apartment which will be guarded by the Montenegrin police.

“They promised … they will not hide until the end of the criminal procedures, that they will regularly answer court summons and that they will be available at the address submitted by their attorney,” the court said. “If the defendants run away or violate the surveillance measure, the bail will fall through,” the statement added.

South Koreans Plead Not Guilty of Charges in Montenegro

The accused South Korean natives have pleaded not guilty to the charges pressed against them by Montenegrin prosecutors. Authorities in both Seoul and the U.S. are seeking the extradition of Do Kwon in connection with the $40 billion crash of the Go to Source to See Full Article
Author: Lubomir Tassev

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