Do Kwon and his partner Han Chang-joon were denied a request to be released on bail with the amount of $430,000 by the Montenegro Supreme Court.
On May 12, the Basic Court in Podgorica (the capital of Montenegro) agreed to release the founder of the Terra ecosystem (LUNA) – Do Kwon and the former CFO of Terraform, Han Chang-joon . The amount paid to the court to bail the two former Terra leaders is 400,000 euros (about 436,000 USD).
However, in the announcement of the spokesman on May 25, the high court of Montenegro decided to dismiss Do Kwon’s request for bail as well as the previous ruling of the Podgorica junior court.
Following the Supreme Court’s decision, the Basic Court decided to extend Kwon’s detention period.
“In the new proceedings, the court will conduct a trial on the grounds of the High Court to terminate and then issue a decision on the basis of the request of the defense counsel for the defendants to be released on bail.” court said.
Currently, two former leaders of Terraform are still detained in this country, after being arrested at Podgorica airport for using fake documents. Kwon, along with former Terra executive Han Chang-joon, will appear in court in the next hearing on June 16.
Meanwhile, both South Korean and US authorities have requested Kwon’s extradition, and the Terra founder also faces charges in Singapore. US prosecutors filed eight charges against Kwon, including commodity fraud, securities fraud, wire fraud, and conspiracy to defraud and engage in market manipulation.
Do Kwon will face up to 40 years in prison in the South Korean case and five years in prison for the Montenegro charges.