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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An appeals court in Montenegro on Wednesday confirmed that a South Korean mogul known as “the cryptocurrency king” will be handed over to his native country, the Associated Press reported. Both South Korea and the U.S. had requested Do Kwon’s extradition from Montenegro. A Montenegrin court initially decided he should be handed over to the U.S. but that ruling was later overturned in favor of South Korea. The Appeals Court of Montenegro approved an earlier ruling by the High Court to extradite Kwon to South Korea rather than the United States, a statement said.
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Disgraced cryptocurrency entrepreneur Do Kwon should be extradited to the U.S. to face trial on fraud charges, rather than to his native South Korea, a court in the tiny Balkan country of Montenegro has ruled, the Wall Street Journal reported. Kwon’s lawyers have three days to appeal the ruling by the High Court in the Montenegrin capital of Podgorica, a spokeswoman for the court said Wednesday. The appeals court will have the final word in the case, she added. A local lawyer for Kwon, Goran Rodić, called the ruling illegal and pledged to appeal.
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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.
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 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".
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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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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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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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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