Terra founder Do Kwon to be released on bail in Montenegro

The Montenegrin court on Thursday agreed to Kwon’s lawyers’ bail request. The bail conditions prohibit Do Kwon from leaving the apartment until the court rules on the document forgery.

Today, the Basic Court of Podgorica released a statement agreeing to release Do Kwon on bail. He and another Terra executive, Han Chang-joon, agreed to pay $437,000 each to stay in their apartments under surveillance pending trial. The decision to release the two happened only a day after Do Kwon’s lawyers requested bail.

According to the documents provided, in the event of a violation of house arrest, the bail amount is allocated to a “special” category within the court’s operating fund. It was also stated that verifying the legality of the travel documents and identity cards allegedly issued by the Belgian authorities was essential.

Related: Do Kwon faces 40 years in prison

Do Kwon and Han Chang-joon were arrested by Montenegrin authorities at Podgorica Airport in March this year as they attempted to flee the country with forged documents. Since their identities were confirmed, both U.S. and South Korean authorities have sought Do Kwon’s extradition to face charges in the collapse of Terra LUNA, which caused markets to lose $40 billion last May.

Related: Do Kwon arrested in Montenegro 

Since then, the two defendants have been imprisoned and remained in jail 30 days longer than usual. At the first hearing before a Montenegrin court, they denied the charges of document forgery and asked for bail. During the hearing, the defendants claimed that they have around $7 million and that their wives will pay the bail, adding:

If bail is set, they will not hide until the end of the criminal proceedings… they will regularly respond to court summons and… they will be available at the address provided by their defense attorney.

However, if some parties aren’t satisfied with the court’s decision, they can appeal the decision within three days.