Terraform Labs founder Do Kwon told a Montenegrin court that he was unaware the passport he was traveling with was allegedly forged, and instead blamed a Chinese agency.
On a June 17 report from the South Korean news outlet Segye Ilbo, Kwon told the Montenegrin Basic Court that he received their allegedly forged passports and travel documentation, including a Costa Rican passport, through third-party "agencies."
“I received my Costa Rican passport after completing the required documents by a Singapore agency that a friend recommended to me. I received my Belgian passport through another agency.”
According to Kwon, because he had been traveling on his Costa Rican passport "for years," he had no reason to doubt its authenticity.
The prosecution pressed Kwon for more details about the agency he used for his passports, but Kwon said he couldn't "remember exactly", adding that he only knew the name of the agency was "in Chinese".
Kwon was questioned along with his colleague and former Terraform Labs CFO Han Chong-joon.
In addition to denying falsifying the travel documents, Kwon denied allegations that he made financial donations to Montenegro's former Finance Minister Milojko Spajić, the now leader of the Europe Now party.
According to a June 17 report from a regional arm of Radio Free Europe, Kwon reportedly contacted Spajić in a letter he sent to several Montenegrin officials in the days leading up to the country's latest round of elections.
“This is categorically denied and is not true,” Kwon's lawyers said.
Spajić denied having ties to Kwon, but his alleged financial connections were covered largely by various media outlets in Montenegro.
Korean media reports that Do Kwon had been secretly sponsoring a prominent Montenegrin politician for years using illegal funds. Two days ago, a Montenegrin high court again approved Do Kwon's bail application, allowing him to be released from prison. https://t.co/aNqYkKG70H
—FatMan (@FatManTerra) June 9, 2023
After the hearing, Judge Ivana Becić announced that she will deliver a verdict on the forgery charges on June 19 local time. Kwon will be held in extradition custody for up to six months while the local court considers South Korea's extradition request.
Related: SEC argues against Dentons' motion to dismiss Terraform and Do Kwon lawsuit
Kwon and Chong-Joon were arrested by local authorities on March 23 after being accused of forging passports that were used in an attempt to leave Montenegro on a private flight to Dubai.
Lawyers for the couple initially received approval for the proposed bail of $436,000 (400,000 euros) but that decision was overturned on appeal may 24th. On June 5, this appeal was dismissed and bail was granted for Kwon and Chong-joon. The couple will be closely monitored by local police and if they leave their residence or violate approved conditions, they will lose their bond.
Terra from Terraform Laboratories ecosystem collapsed in May 2022 giving rise to estimated losses of up to 40,000 million dollars.
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