- This is what the local prosecutor’s office achieved
- Also, his associate Han Chan-jung was denied bail
The Montenegrin prosecutor’s office has appealed the local court’s decision to grant bail to former Terraform Labs head Kwon Do-hyun and his associate Han Chan-jung..
Jurists stressed the fact that both businessmen hid from investigators and traveled on fake passports, the South Korean newspaper Yonhap News reported.. Which means they could make another escape.
The court heard the appeal and ruled that Kwon and Joon will remain in custody until the court rules on the prosecution’s appeal.. A new hearing is set for June 16.
Kwon was arrested at Podgorica airport in Montenegro on March 23, along with former Terra financier Khan.
They tried to leave the country with fake passports. Both are citizens of South Korea. Moreover, Kwon is under an Interpol “red notice”.
At the meeting, Kwon and Joon denied accusations of falsifying travel documents. And their lawyers offered to post bail in the amount of 400,000 euros for each.
A local court agreed to that option, but prosecutors appealed the decision. The Terraform Terra-Luna cryptocurrency project collapsed last May.
It led to large-scale losses of investors. U.S. and South Korean authorities accuse the creators of the project of fraud, violating securities laws and a number of other crimes.
South Korea has so far frozen Do Kwon’s assets worth $176 million. Other countries are doing the same.