As a leading tech entrepreneur, Terraform Labs founder, Do Kwon recently took the stand in a Montenegro court, facing allegations that he traveled with counterfeit passports. Mr. Kwon, however, maintained his innocence, attributing the issue to a third-party agency.
Third-Party Involvement and Kwon’s Defence
On June 17, a comprehensive report was presented by Segye Ilbo, a renowned South Korean media outlet, outlining the details of Kwon’s testimony. The Terraform Labs founder confessed that he obtained his travel documentation, including a purportedly forged Costa Rican passport, via third-party “agencies.”
Kwon stated, “A Singaporean agency, suggested by a friend, helped me acquire my Costa Rican passport. I had to complete several documents for the process. My Belgian passport was procured through a different agency.” His defense hinged on the long-standing use of his Costa Rican passport, claiming that he had been traveling with it “for years” without any doubts regarding its validity.
The prosecution sought more detailed information about the agency responsible for his passports. Kwon, however, admitted his inability to recall specific details, stating only that the agency’s name was “in Chinese.”
Kwon wasn’t the only one under the microscope, as his former colleague, Han Chong-joon, Terraform Labs’ ex-Chief Financial Officer, also faced questioning.
Alleged Political Donations Involving Do Kwon: Fact or Fiction?
In addition to the passport forgery allegations, Kwon dismissed accusations that he had made financial contributions to Montenegro’s former finance minister, Milojko Spajić, currently heading the Europe Now party. This denial came in response to a report dated June 17 from a regional arm of Radio Free Europe. The report suggested that Kwon had attempted to connect with Spajić through a letter addressed to several Montenegrin officials ahead of the country’s latest election cycle.
Kwon’s legal representatives emphatically denied the allegations, stating, “This is categorically denied and it is not true.” Despite Spajić denying any association with Kwon, the rumored financial connections between the two have been a topic of intense discussion in Montenegro’s media landscape.
Awaiting Verdict Amidst Extradition Proceedings
Upon concluding the hearing, presiding Judge Ivana Becić declared that she would deliver a verdict on the forgery charges on June 19, local time. While Kwon awaits the court’s decision, he will be held in custody for six months as the local court deliberates on South Korea’s extradition request.
Kwon, alongside Chong-Joon, was arrested by local authorities on March 23, suspected of falsifying passports to flee Montenegro via a private flight to Dubai.
This intriguing case provides an intimate view into tech entrepreneurs’ challenges, further highlighting the need for regulatory adherence. It remains to be seen how these allegations will affect the reputation and future operations of Terraform Labs.
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