A lower court had determined the value of Kwonโs property accordingย to โstatementsโ and not concrete evidence, a high court quotedย in a decision to scrap his bail approval.
Terraform Labs co- founder Do Kwon will remain in detention while he faces charges of falsifying official documents in Montenegro after a request for bail was approved and thereafter revoked, reportsย by a court statement from Thursday.
Despiteย theย factย that the Basic Court in the countryโs financialย resources Podgorica had atย theย beginning accepted a bail proposition from Kwonโs lawyers, Bloomberg informed that a high court had annulled the decision on Wednesday.
In a statement, the Basic Court of Podgorica confirmed to CoinDesk the high courtโs decision, and that it had received the agreed payment of 400,000 euros ($428,000) from Kwon on May 17.
The High Court decided against the bail approval after it found the Basic Court did not sufficiently assess the the value of the defendantโs property, saying the lower court could not accept the value of defendantsโ property โ accordingย to their statements, but only concrete evidence,โ that was, in this instant, not in the case files.
Afterย theย High Court ruling, the Basic Court has decided to extend Kwonโs detention.
โIn the renewed proceedings, the court will proceed reportsย by the High Courtโs grounds for termination and after that causeย a decision accordingย to the proposition of the defense counsel for the defendants to accept bail,โ the court said.
Kwon, along with previous Terraย (LUNA) executive Han Chang-joon, will be due in court for their next hearing on June 16.
The Unitedย States and South Korea have requested Kwonโs extradition from Montenegrin authorities to face criminal charges over the collapse of Terraform Labs in May last year.
