The information was confirmed by Marija Raković, public relations advisor of the highest court of Montenegro.
Do Kwon’s business partner, Hon Chang Joon, will also remain in custody.
A new hearing on the falsification of documents charge that put the two on trial in Podgorica is scheduled for Friday, June 16. Then a Montenegrin court will have to decide: whether to extradite Do Kwon to South Korea, which is looking for him on suspicion of $40 billion in fraud.
In addition to the Interpol warrant for Do Kwon issued by Korea, the U.S. has also demanded the extradition of the businessman.
Kwon and his business partner were detained March 23 while trying to leave Montenegro. While going through border control at Podgorica Airport on a private flight to Dubai, they both found fake Costa Rican passports, and during a search they seized fake travel documents from Korea and Belgium.
It is not yet clear whether Do Kwon will serve six months in jail or under house arrest. The Montenegrin Court of First Instance recently granted an application for 800,000 euros bail for Do Kwon and Chan-jung Han.
It has also come to light that Terra’s co-founder may spend most of his life behind bars, first in his native South Korea and then in the United States, if prosecutors in both countries are to be believed.