Key points to remember
- Montenegro’s higher courts overturned the lower court’s decision to release Kwon and Chang-joon on bail.
- The two Terra executives are to remain in Montenegrin jail awaiting trial for passport fraud.
Share this article
12 days ago, Do Kwon and Han Chang-joon’s bail was accepted. Now he has been revoked by the higher courts of Montenegro.
A high court in Montenegro has overturned the lower court’s decision that would have allowed former crypto giant and Terraform Labs co-founder Kwon to be released on bail, according at Bloomberg.
The announcement came from court spokeswoman Marija Rakovic, who confirmed in a Wednesday phone call with Bloomberg that Kwon and his former chief financial officer, Han Chang-joon, will remain in jail in Montenegro for his passport fraud case.
Both had originally been granted Bail approval of 430,500 dollars, or 400,000 euros, by the first instance court in Podgorica earlier this month. However, the prosecution challenged this decision, referring the case to a higher judge for further consideration.
With the decision of the high court, the court of first instance will be required to write a new judgment that aligns with the decision made by the higher authority. Rakovic clarified that there is no legal limit to the number of bail petitions that can be filed for the two former Terra executives.
“The Magistrate Court should now make another decision, taking into account what the High Court has decided,” Rakovic told Bloomberg.
As things stand, Kwon and Chang-joon’s future remains uncertain pending the next court. decision.