• 14 July, 2024
News

Do Kwon To Walk Out Of Jail After Paying €400,000 Bail

Do Kwon, the disgraced co-founder of South Korea-based Terraform Labs, is set to walk out of jail after a court in Montenegro agreed to his bail terms. The court’s decision to release Kwon was publicized just a day after his lawyers’ proposed nearly half a million dollars in bail while entering a not-guilty plea regarding the falsified documents charges leveled against him.

According to local press in Montenegro, the Basic Court of Podgorica has set Do Kwon’s bail at €400,000 ($435,000). Fellow Terraform executive Han Chang-joon has also been granted bail under similar conditions. As per the bail conditions, once Kwon pays the amount he would be released to his apartment where he would stay under house arrest.

Both Kwon and his associate would remain under surveillance and would not be permitted to leave the premises. As for the half a million amount to secure their release, the wives of both Terraform Labs executives would reportedly post the bail. The house arrest was likely mandated after local prosecutor Haris Šabotić raised the flight risk issue with Do Kwon.

Šabotić argued that Kwon and his associate had “zero interest” in staying in the country. To put any flight risk concerns to rest, Kwon’s lawyer proposed that the duo stay in his girlfriend’s apartment. The apartment is reportedly in proximity to the court where Kwon would be able to have regular check-ins.

The prosecutor tried to object to the bail by pointing out that the proposed bail amount was insignificant compared to the wealth that Do Kwon had accumulated from Terraform Labs. When questioned about his financial situation by the Judge, Kwon claimed that most of the money he had was of “fluctuating value”. He also disclosed an apartment worth $3 million that he owned in Seoul, South Korea.         

As of now any parties that have an objection to Do Kwon’s bail have three days to appeal. The next hearing is set for June 16, 2023. Both defendants assured the court that they would attend all criminal proceedings and respond to summons issued by the court.

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