Earlier in May, the court allowed Do Kwon and former Terraform CFO Han Chang-Joon to be released from custody after being accused of document forgery by authorities in the country.
The detainees have pledged that if they pay €400 bail, they will not abscond until the end of the criminal proceedings, will respond regularly to subpoenas and remain available at the address indicated by a lawyer.
The decision was overturned after an appeal by the prosecutor’s office.
The court, which originally granted bail to the detainees, will now have to issue a different ruling. Kwon and Han, at least for now, remain in custody.
Kwon had been hiding from Interpol for months before he was arrested at the airport in the Montenegrin capital on March 23.
Law enforcers say the Korean businessman tried to travel on a rented private plane with a fake passport.
The U.S. and South Korea are pressing multiple fraud charges against Do Kwon for his alleged role in the Terra debacle last spring.