- Higher courts in Montenegro overturned the original court decision to release Kwon and Chang-joon on bail.
- The two Terra executives will remain in a Montenegrin prison pending their passport fraud trial.
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12 days later, Do Kwon and Han Chang-joon’s bail was accepted. Now, it has been revoked by the higher courts of Montenegro.
A high court in Montenegro has overturned a lower court’s decision to allow former crypto giant and co-founder of Terraform Labs, Kwon, out on bail. ACCORDING to Bloomberg.
The announcement came from the court’s spokeswoman, Marija Rakovic, who confirmed in a phone call on Wednesday with Bloomberg, that Kwon and his former chief financial officer, Han Chang-joon will continue to remain in prison in Montenegro. for his passport fraud case.
Both in the beginning GIVEN approval for release on bail of $430,500, or 400,000 euros, at the Basic Court in Podgorica earlier this month. However, the prosecution challenged this decision, pushing the case back to a higher judge for further consideration.
Along with the decision of the high court, the Basic Court must draft a new judgment that is consistent with the decision made by the higher authority. Rakovic clarified that there is no legal limit to the number of motions for bail that can be filed by the two former Terra execs.
“The basic court will have to make a decision again, taking into account what the High Court has ordered,” Rakovic told Bloomberg.
As it is, the future of Kwon and Chang-joon remains uncertain as they await the next court appearance decision.