Montenegro

Montenegro Court Scraps Bail for Crypto Entrepreneur Do Kwon

A higher court in Montenegro on Wednesday scrapped bail of 800,000 euros ($880,640) previously granted to Do Kwon, a cryptocurrency entrepreneur charged in the U.S. with a multibillion-dollar fraud, and his ally pending a trial, Reuters reported. Do Kwon, a South Korean national, is the former CEO of South Korea-based Terraform Labs, the company behind the stablecoin TerraUSD that collapsed in May 2022, roiling cryptocurrency markets.

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Montenegro Court Releases Crypto Entrepreneur Do Kwon on Bail

A court in Montenegro agreed on Friday to release Do Kwon, a cryptocurrency entrepreneur charged in the U.S. with a multibillion-dollar fraud, on bail of 400,000 euros ($440,320), pending a trial on local charges, Reuters reported. Do Kwon, a South Korean national, is the former CEO of South Korea-based Terraform Labs, the company behind the stablecoin TerraUSD that collapsed in May 2022 roiling cryptocurrency markets. Following his arrest in Montenegro in March, the U.S.
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Montenegro Airlines Ceases Operations

Montenegro Airlines has ceased operations this evening with the company to be shut down, ExyuAviation.com reported. The carrier's final commercial service was operated between Belgrade and Podgorica as flight YM103. In a statement, the airline said, "The Montenegrin government's decision to shut down our company will have a negative impact on the entire aviation sector in the country. We would like to inform the public that starting tomorrow, December 26, 2020, we are completely suspending all operations".

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Deripaska's CEAC Sues Montenegro Over Aluminum Plant Bankruptcy

Russian billionaire Oleg Deripaska's Central European Aluminum Company (CEAC) is suing Montenegro for 100 million euros ($140 million) over the failure of its aluminum plant there, Reuters reported. A statement issued in Cyprus, where the Russian company has its headquarters, CEAC said the case will heard in Vienna. The statement said Montenegro violated a 2010 settlement agreement, leading to the plant going bankrupt. In a separate statement, Montenegro's government denied any wrongdoing.
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Montenegro's KAP Assets To Go On Sale For EUR 52.47 Million

The assets of Montenegrin aluminium producer KAP will be offered for sale at EUR 52.47mn , state broadcaster RTCG quoted the company's insolvency manager Veselin Perisic as saying on Nov 21, HispanicBusiness.com reported. Perisic, however, could not specify when a public invitation for the sale will be opened. He was speaking at a brief news conference on the issue. The evaluation of KAP's assets followed after the company was declared bankrupt in early October. According to the report, KAP's complete assets should go on sale - and not the company as a legal entity.
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Montenegro Launches Bankruptcy Proceedings At Smelter

A Montenegrin court has launched bankruptcy proceedings for the country's single biggest industrial employer, indebted aluminium plant Kombinat Aluminijuma Podgorica (KAP), a court official said on Monday, Reuters reported. The Adriatic state had last month asked the court to consider bankruptcy for the smelter, which is co-owned by the state and Russian billionaire Oleg Deripaska's Central European Aluminium Co.
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Montenegro Eyes Bankruptcy For Stricken Aluminium Plant

The Montenegrin government filed a court motion on Friday to consider bankruptcy for the country's single biggest industrial employer, indebted aluminium plant KAP, which faces having its electricity cut off over unpaid bills, Reuters reported. Kombinat Aluminijuma Podgorica employs 1,200 people and accounted for 4.7 percent of the tiny Adriatic republic's economic output last year.
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