Do Kwon Accused of Counterfeiting Passports
Do Kwon, the founder of Terraform Labs, informed a Montenegro court that he was unaware the passport he was using was purportedly counterfeit, instead attributing the fault to an agency with a Chinese name.
Kwon informed the Montenegrin Basic Court in a June 17 report from South Korean news source Segye Ilbo that he obtained his purportedly falsified passports and other travel documents, including a Costa Rican passport, through intermediaries.
Kwon stated that he had been using his Costa Rican passport for a long time, so he had no reason to suspect it was not genuine.
The prosecution asked Kwon to provide more information about the agency he used for his passports, but Kwon said he could not recall precisely, noting that he only knew the name of the agency was in Chinese.
Kwon and his colleague, the former Terraform Labs chief financial officer Han Chong-joon, were both questioned.
Kwon rejected the assertion that he had falsified travel paperwork in addition to denying that he had given any monetary contributions to Milojko Spajić, the now-head of the Europe Now party, who was formerly Montenegro’s finance minister.
In the days preceding the most recent elections in Montenegro, Kwon is said to have communicated with Spajić through a letter sent to several Montenegrin officials, according to a report from a local branch of Radio Free Europe dated June 17.
Kwon’s lawyers emphatically declared that the statement was false and untrue.
Spajić denied any association with Kwon, but numerous news sources in Montenegro extensively reported on the purported financial links between them.
Judge Ivana Becić declared that she will deliver a decision on the counterfeiting accusations on June 19 in local time. Kwon will be detained in extradition custody for a maximum of six months while the regional court contemplates South Korea’s extradition appeal.
SEC Opposes Dismissal of Terraform and Do Kwon Lawsuit
The Securities and Exchange Commission (SEC) is opposing Dentons’ attempt to dismiss the lawsuit filed by Terraform and Do Kwon.
Kwon and Chong-Joon were apprehended by local law enforcement on March 23 for allegedly fabricating passports that were utilized in an effort to fly privately from Montenegro to Dubai.
The initial approval of the $436,000 (400,000 euro) bail request for the pair was overturned on May 24. However, on June 5, this appeal was rejected and bail was granted for Kwon and Chong-joon. They will be strictly supervised by local law enforcement and if they leave their residence or fail to comply with the set conditions, their bail will be forfeited.
In May 2022, the Terra system created by Terraform Labs suffered a collapse resulting in estimated losses of up to $40 billion.
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