Terraform Labs co-founder Do Kwon will remain in detention while he faces charges of falsifying official documents in Montenegro after a request for bail was approved and later revoked, according to a court statement from Thursday.
Although the Basic Court in the country’s capital Podgorica had initially accepted a bail proposal from Kwon’s lawyers, Bloomberg reported that a high court had annulled the decision on Wednesday.
In a statement, the Basic Court of Podgorica confirmed to CoinDesk the high court’s decision, and that it had received the agreed payment of 400,000 euros ($428,000) from Kwon on May 17.
The High Court decided against the bail approval after it found the Basic Court did not sufficiently assess the the value of the defendant’s property, saying the lower court could not
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