Do Kwon to Enter Montenegro Custody Amid Fraud Probe


Montenegro’s High Court has six months to consider South Korea’s request to extradite Do Kwon.

Do Kwon, co-founder of Terraform Labs, has reportedly been moved to extradition custody in the Balkan nation of Montenegro. It is worth noting that his association with a notable politician in the region is also under scrutiny.

The news was revealed by the regional outlet Radio Free Europe (RFE) on June 15th.

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As a report from RFE indicates, a spokesperson from Montenegro’s High Court has confirmed that Kwon has been slated for custody that extends for six months. During this time, the court in Montenegro will consider the extradition request issued by South Korea.

The call for Kwon’s extradition comes not only from South Korea but also from the United States. The authorities for the US claim that Kwon must answer to charges raised by the US federal prosecutors and the US Securities and Exchange Commission (SEC).

On top of that, the Special State Prosecutor’s Office has plans to question Kwon regarding his connection with politician Milojko Spajić.

In a letter written by Kwon to various officials, just days before the most recent elections in Montenegro, he indicated having been in touch with Spajić, who leads the Europe Now party.

Despite the passionate denial of any association with Kwon by Spajić, news outlets in the country have extensively covered their alleged links and potential financial aid extended by Kwon.

Following the issuance of an arrest warrant for Kwon by a Seoul court in September, this case has emerged as the most significant financial fraud or securities fraud South Korea has ever witnessed.

June 16th is the date set by the Montenegrin Basic Court for a hearing on document falsification accusations leveled against Kwon and Han Chong-joon, the former CFO of Terraform Labs. 

The two South Korean nationals were arrested at the Podgorica airport in Montenegro on March 23rd.

Legal representatives for both Kwon and Chong-joon initially managed to secure approval for a proposed bail amounting to 400,000 euros ($436,000) for each individual. However, the decision was overturned upon appeal, followed by a dismissal of the appeal itself.

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