Montenegro's shipping company Crnogorska Plovidba will lease out two ships to local peer Barska Plovidba to raise cash for a delayed loan repayment and avoid imminent bankruptcy, said the Montenegrin government, which controls both companies, SeeNews.com reported. A detailed analysis of the maritime affairs ministry has found that Crnogorska Plovidba is "over-indebted and illiquid and unable to service its liabilities," with current dues to the government alone totalling 36.2 million euro ($41.1 million), the government said in a statement on Friday.
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Terraform Labs Pte. co-founder Do Kwon will be handed over to the US for prosecution, the government of Montenegro said, potentially ending a standoff over competing extradition demands by the US and Kwon’s native South Korea, Bloomberg News reported. “Most criteria envisaged by the law are in favor of the extradition demands from the institutions of the United States of America,” the Montenegro’s Justice Ministry said in statement posted on its website. It said Minister Bojan Bozovic made the decision on Friday, without specifying when the handover may take place.
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A Montenegrin appeals court on Thursday upheld a ruling by a lower court to hand over a South Korean mogul known as “the cryptocurrency king” to his native country, rejecting a bid to extradite him to the United States, the Associated Press reported. The move follows a months-long legal saga in the case of Do Kwon, the Terraform Labs founder who was arrested in Montenegro last year. Both South Korea and the U.S. had requested Do Kwon’s extradition from Montenegro. Various Montenegrin courts in the past months have brought and overturned multiple rulings to extradite Kwon either to U.S.
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