Terra founder Do Kwon has been released on bail after a Montenegrin court handling his passport forgery case accepted his 400,000-euro request.
According to an announcement, a Montenegro High Court granted Do Kwon bail after accepting his 400,000-euro request. The decision comes after a previous approval was overturned on May 25.
An official release from the Basic Court in Podgorica stated that an appeal against an earlier bail agreement by the State Prosecutor’s Office was set aside. The decision means that Kwon and his fellow accused, Han Chang-Joon, can await further legal proceedings under house arrest in Montenegro.
The value of their property has complicated the decisions regarding the defendant’s bail request. During the initial bail hearing on May 11, Kwon and Chang-Joon told the court that they had “property worth millions.” A High Court, however, disputed the value, and their bail was revoked. The High Court argued that the lower court could not accept the property’s value “based on their statements, but only concrete evidence.”
The value of the property has been verified after evaluation using a sales contract, bank account statements, and invoices.
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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