Active Stocks
Mon May 27 2024 15:59:11
  1. Tata Steel share price
  2. 175.50 0.40%
  1. NTPC share price
  2. 369.60 -1.40%
  1. State Bank Of India share price
  2. 834.10 0.66%
  1. HDFC Bank share price
  2. 1,527.95 0.75%
  1. ICICI Bank share price
  2. 1,129.15 -0.19%
Business News/ News / World/  Montenegro Prosecutor Challenges Do Kwon’s Extradition to Korea
BackBack

Montenegro Prosecutor Challenges Do Kwon’s Extradition to Korea

Montenegro’s top prosecutor is challenging recent court decisions to extradite Terraform Labs Pte co-founder Do Kwon to his native South Korea, as the Balkan country faces dueling demands from Seoul and US that both want to try him for the $40 billion collapse of the TerraUSD stable coin in 2022.

Montenegro Prosecutor Challenges Do Kwon’s Extradition to KoreaPremium
Montenegro Prosecutor Challenges Do Kwon’s Extradition to Korea

(Bloomberg) -- Montenegro’s top prosecutor is challenging recent court decisions to extradite Terraform Labs Pte co-founder Do Kwon to his native South Korea, as the Balkan country faces dueling demands from Seoul and US that both want to try him for the $40 billion collapse of the TerraUSD stable coin in 2022.

Montenegro’s choice where to send the former crypto mogul seemed final earlier this week when its Appellate Court backed decisions that opted for South Korea. However, the office of Supreme State Prosecutor on Thursday said procedural errors were made, which requires to escalate the case to the nation’s Supreme Court. 

Both the Appellate and High Court allegedly mishandled the case of the high-profile detainee by “going beyond their authority to make a decision on extradition, which is the exclusive right of the Justice Minister," the prosecutor’s said in a statement on his website. 

The latest twist may open way for Do Kwon’s extradition to the US, as preferred by Montenegro’s government officials. Kwon’s defense team, on the other hand, sought handover to his native country where penalties for white-collar crimes are lower than in the US.

Even if Kwon is extradited to South Korea, the government there could still reach a deal with the US to have him tried in New York first. The US could argue that it has a stronger ability to seize Kwon’s assets around the world and agree to share them with South Korea.

Read more: US to Fight Do Kwon Extradition to South Korea: Crypto in DC  

Kwon was arrested in Montenegro in March 2023 for traveling on a fake passport, along with his associate Han Chang-joon, who was handed over to South Korea last month.

Read more: How Do Kwon Went From Crypto King to Fugitive to Jail: QuickTake 

More stories like this are available on bloomberg.com

©2024 Bloomberg L.P.

You are on Mint! India's #1 news destination (Source: Press Gazette). To learn more about our business coverage and market insights Click Here!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 22 Mar 2024, 12:16 AM IST
Next Story footLogo
Recommended For You