thenewscrypto.com
- The judgement was reached when the local prosecution team challenged the bail approval.
- Do Kwon’s legal team was able to have him released on bond on May 12.
The bail of crypto entrepreneur Do Kwon and his colleague Han Chang-Joon was recently revoked by the Montenegro High Court, according to recent sources. The judgement was reached when the local prosecution team challenged the bail, claiming the accused were going to leave Montenegro for another nation.
Prosecutor Haris Sabotic objected to Kwon’s release being accepted in court, saying that there weren’t enough safeguards in place to keep track of the defendants’ whereabouts while they were out on bond. Sabotic said that he was worried that the accused might ignore court summonses in an attempt to avoid appearing in court.
Successful Appeal Against Bail Approval
Do Kwon’s legal team was able to have him released on bond on May 12 for roughly 400 thousand euros (437 thousand dollars). The State Prosecutor’s Office in Podgorica filed an appeal against the court’s verdict on May 17.
Authorities in Montenegro have accused Kwon and his co-founder of forgery, a crime punishable by up to five years in jail. The defendants remain in custody despite their “not guilty” plea, according to this new information.
In March, the police in Montenegro apprehended Do Kwon at the Podgorica airport. If Kwon entered the country illegally or without following the necessary entrance procedures, local authorities would not be able to confirm his immigration documents. Further, he was caught trying to board a private aircraft to Dubai using fake travel credentials.
Kwon is wanted for extradition by two countries: South Korea and the USA. Nonetheless, the Montenegrin government is steadfast in keeping the crypto tycoon in custody until the conclusion of all pending criminal cases in the country.