A high court in Montenegro overturned a decision to grant bail to disgraced Terraform Labs co-founder Do Kwon as he faces charges of attempting to travel with falsified passports.
Bloomberg reports a higher court on Wednesday revoked bail previously granted to Do Kwon and a fellow defendant pending trial.
The Basic Court of Montenegro’s capital Podgorica accepted a previous application by Kwon’s lawyers to give him and fellow accused, Terra executive Han Chang-Joon, supervised bail as they face trial for attempting to travel with falsified documents.
Kwon and Chang-Joon were set to be released on supervised bail with a payment of 400,000 euros each.
Kwon Arrested In Montenegro
The duo were detained at the airport of Montenegro’s capital Podgorica March 23 as they tried to board a flight to Dubai with falsified travel documents. Reuters reported Kwon and Joon had doctored Costa Rican passports, a second set of Belgian passports, laptops, and other devices.
According to Reuters, Kwon and Chang-Joon were charged with forging official documents and were ordered to a 30-day pre-trial detention.
Following their arrest, a court deemed both a flight risk and scheduled them for trial on May 11.
US And South Korea Seek Extradition Of Do Kwon
Shortly after his arrest, the United States and South Korean authorities announced that they were seeking the extradition of Kwon. Kwon is a South Korean national charged in September with violating the country’s Capital Market Act, and a warrant of arrest was issued for him.
US federal prosecutors indicted Kwon with two counts of securities fraud, wire fraud, commodities fraud, and conspiracy.
Following investigations by numerous law enforcement agencies, the International Criminal Police Organisation, or Interpol, issued a red notice for Kwon.