According to a report, the recently apprehended Terraform Labs co-founder Do Kwon was able to create a business in Serbia just a few weeks after Interpol issued a Red Notice for his arrest. Lawyers that assisted Kwon in setting up a company in Serbia reportedly said they were unaware of Interpol’s Red Notice against their client.
Korean Passport Used to Register Company
Just a few weeks after an Interpol Red Notice for arrest was issued, the former Terraform Labs CEO Kwon was able to establish and register a company in Serbia, a local publication has said. Labelled as Codokoj22 d.o.o. Beograd, the company which was registered on Oct. 12, 2022, lists Kwon as the owner. The former CEO and his countryman Han Chang-Joon from Chai Corporation are also named as directors of the company.
According to a report in DL News, the duo’s Serbian business was formed with capital equivalent to just under $1 (100 din). The report added that Kwon and Chang-Joon utilized their Korean passports to register the new company with Serbian Business Registry.
As reported by Bitcoin.com News in late Sept. 2022, the global law enforcement agency Interpol kickstarted an international manhunt for Kwon after it issued a Red Notice for the Terraform Labs co-founder. Prior to the notice being issued, Kwon asserted that he was not on the run and that he was in fact cooperating with “any government agency that has shown interest to communicate.”
However, Bitcoin.com News reported on March 23, 2023, that Montenegro’s interior minister said Kwon was arrested at Podgorica airport. He had a forged Costa Rican passport on him when he was apprehended. Chang-Joon has now also been reported as being arrested.
Lawyers Uninformed About Interpol’s Red Notice
Meanwhile, unnamed officials from the Serbian Business Registry and lawyers at Gecic Law Firm are quoted in the report professing their ignorance about the existence of an Interpol Red Notice. Ognjen Colic, a partner at Kwon’s legal representatives in Serbia, claimed that his firm took all the necessary steps before electing to represent him.
“I cannot comment on my client due to confidentiality agreements, but I can say that this client went through all the regular security checks that we conduct for every client, including the Interpol website and he is not on there – you can check it yourself now,” Colic reportedly said.
Milos Petakovic, a lawyer from the same law firm, is quoted in the report stating that he needed to consult his colleagues before commenting on Gecic Law Firm’s decision to work for Kwon.
In addition to South Korea, which issued a warrant for his arrest in Sept. 2022, Kwon was also wanted by authorities in Singapore and in the United States.
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