Prosecutors appealed a previous decision by a lower court in the country to let the disgraced founder go free while he faced trial.
A Montenegro high court has annulled a decision by a lower court to release Terraform Labs co- founder Do Kwon on bail as he faces charges of trying to travel with falsified documents, Bloomberg informed on Wednesday.
The Basic Court of the country’s financial resources Podgorica had accepted a previous proposition made by Kwon’s lawyers in early May to release the disgraced cryptocurrency founder and fellow defendant Terra (LUNA) executive Han Chang-joon on supervised bail with a payment of 400,000 euros ($435,000) each as their trial continues.
The prosecution for the case made a speedy appeal against the decision before a Podgorica high court took a decision against that of the basic court.
The United States and South Korea have requested Kwon’s extradition from Montenegrin authorities to face criminal charges over the collapse of Terraform Labs in May last year.
The lower court must now cause a decision taking into account what the higher court decided, a spokesperson for the court informed Bloomberg.
CoinDesk has reached out to the Montenegrin courts for comment.
Nikhilesh De.
