Do Kwon was released on bail after his request was approved.
Do Kwon, the founder of Terra, has been released on bail after a Montenegrin judge accepted his 400,000-euro bail request.
A Montenegro High Court granted Do Kwon free after accepting his 400,000-euro bail plea, according to a statement. The decision follows the overturning of a previous clearance on May 25.
According to an official release from the Basic Court in Podgorica, the State Prosecutor's Office's appeal against an earlier bail accord was dismissed. The judgment implies that Kwon and his co-accused, Han Chang-Joon, can await additional judicial processes in Montenegro under house arrest.
The defendant's bail request has been complicated by the value of their property. Kwon and Chang-Joon told the court during their initial bail hearing on May 11 that they possessed "property worth millions." However, the value was challenged in court, and their bail was withdrawn. According to the High Court, the lower court could not accept the property's worth "based on their statements, but only on concrete evidence."
A sales contract, bank account statements, and invoices were used to verify the property's value after evaluation.
The Court said:
The court appreciated the fact that they are persons who are not Montenegrin citizens, which is why it accepted their statements about the value of the property they own, which were supported by concrete evidence.
It concluded by saying:
The possibility of losing the security deposit in the amount of EUR 400,000.00 each had a sufficiently discouraging effect on the defendants to dissuade them from any desire to escape.
Kwon and Chang-Joon Arrested in MontenegroThe pair were arrested at an airport in the capital of Podgorica on March 23 as they tried to board a flight to Dubai using falsified travel documents. Kwon and Chang-Joon were charged with forging official documents.
Shortly after their arrest, the United States and South Korean authorities announced that they were seeking the extradition of Kwon. US federal prosecutors indicted Kwon with two counts each of securities fraud, wire fraud, commodities fraud, and conspiracy.
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