Terra’s Do Kwon Granted $436,000 Bail in Montenegro

Do Kwon

A Montenegrin Court has agreed to release detained Terraform Labs co-founder Do Kwon and the company’s former chief financial officer (CFO) Han Chong-joon for 400,000 euros (Approx. $436,000) bail each, according to an official document released by authorities on May 12.

Kwon’s Arrest

The defendants were both arrested at Podgorica Airport last month while attempting to travel to Dubai using falsified Costa Rican documents. Kwon was also found to be carrying falsified Belgian travel documents. They were both charged with document forgery.

Per the official document, as part of the bail conditions, both men will be placed under house arrest with police supervision in Podgorica after the bail is paid. The accused explained their financial situation to the court, indicating that they have assets of several million euros and that their wives would be making the bail payment.

During the court hearing, defense lawyer Branko Andjelic provided assurances to the court that Kwon and  Chang-joon did not pose a flight risk and even offered to have them under house arrest at his girlfriend’s apartment. However, the prosecutor in charge of the case, Haris Sabotic, opposed this proposition, highlighting that the defendants had shown no interest in staying in Montenegro and argued that their financial capability alone rendered the offered amount insufficient to guarantee their presence.

Court Considerations

After carefully considering the defense counsel’s proposal and the prosecution’s opinion, the court took into account the seriousness of the criminal charges against the defendants, as well as their personal and family circumstances and property status, along with the property status of those providing bail. 

The court concluded that the bail amount of $436,000 for each defendant would serve as a significant deterrent to prevent them from attempting to escape. Therefore, the possibility of losing the posted bail would dissuade them from any desire to flee the jurisdiction of the court.

Besides the aforementioned considerations, the court also recognized the importance of verifying the authenticity of the defendants’ travel documents and identity cards, which were allegedly issued by the competent authority of Belgium. The court acknowledged that this verification process may result in an uncertain duration of the procedure.

The court decision stipulated that if the defendants were to escape or violate the imposed measure of supervision, the value given as bail would be entered into a special section of the budget specifically set aside for the work of the courts. This ensures that there is a financial deterrent in place to prevent the defendants from fleeing or attempting to violate the terms of their supervision. 

Kwon’s next trial date is scheduled for June 16. In the event of dissatisfaction with the decision made, the concerned party has the right to file an appeal within three days.

Montenegrin authorities have received extradition requests from both the U.S. and South Korea to bring Kwon to trial for the collapse of his crypto business, Terraform Labs, in May last year.

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