• Terra Luna founder Do Kwon has bought his way out of jail in Montenegro, using his own assets.
• The defendants explained their financial situation to the court, stating that they have assets worth several million.
• A house arrest was imposed on the Terra Luna founder and his relative to ensure their presence.
Terra Luna Founder Bails Out Of Jail
Do Kwon, the founder of Terra Luna, has used his own assets to buy himself out of jail in Montenegro. He and a relative, Hon Chand Jun, have accepted bail of 400,000 euros (about $435,000) each from local media sources.
Defendants Explain Financial Situation
The defendants explained their financial situation to the court, stating that they have assets worth several million and that the bail could be paid in full by their wives. In addition, both assured the court that if released on bail until the conclusion of criminal proceedings they would not hide or fail to respond to court summonses.
Prosecutor’s Office Opposes Release On Bail
The representative of the prosecutor’s office opposed the release on bail based on concerns that Do Kwon may go on the run again and leave Montenegro due to lack of conditions for setting supervision measures. However, despite these concerns, the judge ruled in favor of release on bail as it is believed it has a sufficient deterrent effect against attempts at fleeing by either defendant.
House Arrest Imposed
In addition to being released on bail until proceedings are complete, Do Kwon and Hon Chand Jun are also subject to a house arrest measure intended to replace pre-trial detention as a method for ensuring their presence throughout proceedings. This measure requires them both not to leave their homes during this time period and will remain in place until further verification can be made regarding travel documents issued by Belgian authorities allegedly held by either defendant.
Verification Process Ongoing
Verification process regarding travel documents issued by Belgian authorities allegedly held by either defendant are still ongoing but proceedings remain open with all parties involved ordering compliance with conditions set forth for release on bail until such time as verification can be completed and any potential changes can be made at such point depending upon results obtained from said verification process.