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A Co-founder of Terraforms Labs, Do Kwon, who was accused of document forgery allegations, has been reapproved for bail by the Basic Court of Podgorica for $430,000. This decision comes after a high court in Podgorica granted prosecutors’ appeal against the initial decision to release him.
Kwon’s Bail Request Reapproved
The new decision has considered all the reasons that were mentioned in terminating the initial ruling. Do Kwon and his colleague, Han Chong-Joon, will be released on $430,000 bail each and monitored by the police while being detained in an apartment.
The Basic Court passed the initial sentence in mid-May, and the defense lawyers suggested releasing the co-founder and his associate from jail and detaining them at a designated location to visit the court periodically during the trial. However, the prosecutors did not agree with the proposal as they considered the suspects had no tangible reason to stay in Montenegro until the next hearing.
“When making this decision, the court took into account the evidence on the financial situation of the defendants provided by their defense counsel, the seriousness of the criminal offense for which the defendants are reasonably suspected, their personal and family circumstances, as well as the financial situation of the persons providing bail, and the opinion of the prosecution representative,” the Basic Court noted.
While Kwon and his associate are placed under house arrest, the court would verify the authenticity of the travel documents and identity cards found in their possession when they were caught at the Podgorica airport. Kwon has pleaded not guilty to the allegations, and he faces a maximum sentence of five years in prison if found guilty.
The Montenegrin authorities stated that Kwon should conclude criminal proceedings in the country before being extradited to either the U.S. or South Korea to face the law for the collapse of the Terra ecosystem.
