Terra Co-founder Do Kwon Sentenced to 4 Months Prison in Montenegro

• Any unsatisfied party has eight days to file an appeal.
• Do Kwon stated that he has never met or conducted business with Milojko Spajic.

On Monday, the Basic Court of Montenegro ruled in favor of the prosecution in the passport falsification case, convicting Terra co-founder Do Kwon and former CFO Han Chang-joon. Montenegrin officials are expected to complete their investigation and the legal process required to extradite Terra co-founder Do Kwon to South Korea within the next six months.

Judge Ivana Becic of the Montenegrin Court ruled on June 19 that defendants Do Kwon and Han Chang-joon used counterfeit Costa Rican passports in an attempt to board a flight to Dubai in March. The case was heard in the Basic Court. Both defendants received prison sentences of four months, a term that covers the period they were detained from March 23 to June 15.

Eight Days to File an Appeal

Additionally, the judge promptly outlined her reasoning for reducing the punishment. She also noted that the dissatisfied party has eight days from the receipt of the written decision to file an appeal.

Previously, Montenegro’s highest court granted bail to Do Kwon and Han Chang-joon on June 15. However, the Montenegrin High Court ordered up to six months in extradition detention at the request of South Korea. Consequently, both individuals will remain in custody.

Do Kwon and Han Chang-joon asserted on June 16 that they were unaware their passports, issued under an economic citizenship program, were counterfeit while they traveled internationally using documents purportedly from Costa Rica and Belgium. Do Kwon, the founder of Terra, stated that he obtained these passports in Singapore.

Furthermore, Do Kwon stated before the SDT and defense lawyers that he has never met or conducted business with former finance minister Milojko Spajic.