A Montenegrin high court in Podgorica has revoked Terraform Labs co-founder Do Kwon’s bail.
According to a May 24 Bloomberg report, a spokeswoman for the court Marija Rakovic said the court decision also affects the company’s former CFO, Han Chong-Joon. This means that Kwon and Chong-Joon would remain in jail until their trial.
Following this ruling, the lower court has to make a new decision concerning Kwon’s case. Rakovic reportedly said:
“The Basic court should now make another decision, taking into account what the High Court ruled.”
Kwon and Chong-joon were arrested in Montenegro while trying to fly to Dubai in March. At the time, the Montenegrin authorities claimed their Belgian and Costa Rican passports were forged. Kwon pleaded not guilty.
On May 12, Kwon and his CFO were granted bail. However, Montenegrin prosecutors opposed this ruling because the defendants had the means to escape the country and had no interest in staying behind.
Kwon faces criminal charges in South Korea and the U.S. Any possible extradition to either country would depend on the outcome of the forged documents charges against him in Montenegro.
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