Terraform Labs co-founder Do Kwon denies passport forgery charges in Montenegro

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Terraform Labs co-founder Do Kwon denies passport forgery charges in Montenegro

Terraform Labs founder Do Kwon, right, is escorted by Montenegrin police officers in Podgorica on Friday, [AP/YONHAP]

Terraform Labs founder Do Kwon, right, is escorted by Montenegrin police officers in Podgorica on Friday, [AP/YONHAP]

 
Do Kwon, the Terraform Labs co-founder behind a $40 billion implosion, is denying passport forgery allegations from the Montenegrin authorities.
 
The 32-year-old and Han Chang-joon, Terraform Labs' chief financial officer (CFO), were detained in Montenegro on Mar. 23 while trying to fly to Dubai using an allegedly forged passport at Podgorica airport.
 
A court ordered that Kwon be remanded into custody for up to 30 days.  
 
Kwon and Han deny the claim, insisting that the passports are valid, his lawyer Branko Andjelic told Bloomberg.
 
Kwon will appeal the court's decision on the extended remand, according to media reports.
 
Kwon was reportedly last seen in Serbia before the Thursday arrest in Montenegro, yet he does not have a travel record of crossing the Serbian border, according to the Montenegrin authorities, which may indicate an illegal entry.
 
Kwon, who is wanted by Korea, the United States and Singapore, has been under investigation for alleged fraud and tax evasion after investors filed complaints against the disgraced entrepreneur last May.
 
Kwon was the subject of an Interpol red notice since September.  
 
Korean prosecutors are seeking Kwon's extradition. Korea and Montenegro both fall under the European Convention on Extradition, a treaty that grants extraditions for offenses in connection with taxes, duties, customs and exchange.
 

BY JIN MIN-JI, SHIN HA-NEE [shin.hanee@joongang.co.kr]
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