The recent court ruling to withdraw bail has invalidated the claims of both defendants who maintained their innocence regarding the charges brought against them, leaving Do Kwon and his associate to remain in a state of pre-trial detention.
The Montenegrin judicial system has made a pivotal decision concerning the bail of esteemed cryptocurrency entrepreneur Do Kwon. On Wednesday, the higher court took a significant action by revoking the previously granted bail of an astonishing 800,000 euros ($880,640) assigned to Do Kwon and his close associate.
Do Kwon, hailing from South Korea, held the prestigious position of CEO at Terraform Labs, a renowned South Korean company known for their creation of the stablecoin TerraUSD. However, their reputation and standing were severely tarnished when TerraUSD suffered a catastrophic collapse in May 2022, sending shockwaves throughout the entire cryptocurrency market. This event undoubtedly created a state of turmoil and uncertainty within the industry.
Subsequently, in March of this year, Do Kwon and Han Chang-joon, who previously held the position of finance officer at Terraform Labs, were apprehended while attempting to board a flight bound for Dubai at the airport in Podgorica, the capital city of Montenegro.
The charges brought against them were substantial, including accusations of forging official documents. As a result, the court in Podgorica promptly issued an order for their 30-day pre-trial detention, ensuring their confinement throughout this critical phase of legal proceedings.
Fast forward to the recent developments, the higher court, after careful consideration, came to an agreement with the prosecuting party’s assertion that the previously assigned bail of 800,000 euros could not be perceived as a reliable guarantee. Furthermore, the court deemed the defendants’ promise to refrain from fleeing once released from detention as insufficient.
This decision, as relayed by the court’s spokeswoman to the local media, highlights the court’s concerns about the defendants’ potential flight risk and their lack of genuine commitment to remaining in Montenegro while awaiting extradition.
The prosecution, supporting their position, argued that if the defendants were released from detention, they would have little to no incentive to remain in Montenegro. Instead, it was believed that they would seize the opportunity to evade justice and potentially seek refuge in a jurisdiction that would be less inclined to extradite them. These compelling arguments likely influenced the higher court’s final decision, resulting in the denial of bail for Do Kwon and his associates.