Key Takeaways
- The higher courts of Montenegro annulled the decision of the basic courtโs decision to release Kwon and Chang-joon on bail.
- The two Terraย (LUNA) executives are to remain in Montenegrin prison while awaiting their passport fraud trial.
12 days ago, Do Kwon and Han Chang-joonโs bail was accepted. Now, it has been revoked by the higher courts of Montenegro.
A high court in Montenegro annulled the lower courtโs decision that would have allowed previous cryptocurrency giant and co- founder of Terraform Labs, Kwon, to be released on bail, according to Bloomberg.
The notice came from court spokeswoman, Marija Rakovic, who confirmed withinย a phone call on Wednesday with Bloomberg, that Kwon and his previous chief financial officer, Han Chang-joon will continue to stay in prison in Montenegro for his passport fraud case.
Both had atย theย beginning been granted approval for release on bail of $430,500, or 400,000 euros, by the Basic Court in Podgorica earlier theseย 30ย days. Nonetheless, the prosecution challenged this decision, pushing the case back to a higher judge for further consideration.
With the high courtโs decision, the Basic Court will be required to draft a new ruling that aligns with the decision made by the higher authority. Rakovic madeย itย clearย that thereย is no legal restriction on the number of motions for bail that can be filed for the two previous Terraย (LUNA) execs.
โThe Basic court should now make another decision, taking into account what the High Court ruled,โ Rakovic informed Bloomberg.
As it stands, futureย ofย the both Kwon and Chang-joon remains uncertain as they await theย following court decision.
