Do Kwon Set for Bail After Montenegro Ruling – LUNC Price on the Rise
A fresh Montenegro court ruling means Do Kwon, the Terraform Labs founder and CEO, could be released on bail again.
Per the media outlets Vijesti and Hankook Ilbo, a branch of the Podgorica District Court approved a second bail request for Kwon and Terra’s former chief financial officer Han Chang-joon.
Kwon and Han were originally granted bail in May for a combined sum of around $856,000.
They were released on condition that they did not leave their apartment and continued to attend hearings.
Terra Classic (LUNC) prices have been rising since June 4, possibly in response to the court’s verdict.
They are charged with allegedly attempting to leave Montenegro on forged travel documents.
But the duo is wanted in their home country of South Korea on fraud charges.
Government agencies and police forces in the United States and Singapore are also pressing for deportation.
Montenegro prosecutors appealed the decision at the High Court, and their motion was upheld, with Kwon and Han being taken into custody for a second time.
Kwon has since hired the world’s biggest law firm, Dentons.
But it was a move by his Montenegro-based legal team that saw the Podgorica District Court rule in his favor for a second time late last week.
The lawyer Branko Anđelić confirmed that the duo must pay $436,000 each to secure bail.
This gives Montenegrin prosecutors three days to appeal the bail terms.
Kwon and Han must remain in custody until the High Court delivers its verdict.
But if it does not object, Kwon and Han could be released early this week.
The district court said it would need more time to verify Kwon’s claims that Costa Rica passports and other travel documents found on the duo at the time of their arrest were obtained through above-board methods.
Prosecutors claimed that the bail figure was not high enough.
They stated that the defendants still posed a significant flight risk.
And they argued that insufficient surveillance measures had been added to ensure they did not try to escape.
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At a previous hearing, Kwon was asked to disclose the extent of his financial holdings.
He replied that he jointly owned an apartment in South Korea that is worth “about $3 million.”
But he refused to put a value on his “other assets” (crypto holdings”).
He said the “volatility of the market” prevented him from making an accurate assessment of their worth.
Han and Kwon are due in court again for another hearing on June 16.
