The court in Podgorica made a positive decision in the extradition case of Terraform Labs founder Do Kwon.
According to the document, the requests of both the South Korean and US authorities were satisfied. The final decision on where to extradite Kwon will be made by the country’s Minister of Justice. Extradition is likely to occur after the Terraform Labs chief serves a four-month prison sentence for document forgery after he was found to be travelling with a fake passport.
The final decision on the country of extradition will be taken by justice minister, the court said on its website on Friday.
“If the Minister of Justice decides on the final extradition of those previously accused, the extradition will take place after the execution of the criminal sentence passed by the Podgorica Court of First Instance.”Montenegro court
South Korea has called on Montenegro to expel Kwon to his homeland. The head of Terraform Labs is also being sought for extradition by the United States, where he faces fraud charges from the SEC and the Federal Prosecutor’s Office of New York. The authorities of both countries consider Do Kwon a fraudster who deliberately deceived investors.
On March 23, Montenegro police arrested an entrepreneur while trying to fly from Podgorica airport to Dubai using fake documents. In May, he and the company’s former chief financial officer, Han Chang-jung, pleaded not guilty.
In June, Kwon was released under house arrest on bail of €400,000 ($436,000).