South Korea eyes taking ownership of Do Kwon-linked $2m flat in Serbia, prosecutor tells DL News

South Korea eyes taking ownership of Do Kwon-linked $2m flat in Serbia, prosecutor tells DL News
Do Kwon associate Han Chang-joon bought this tony flat in Belgrade months before the two men were arrested in neighbouring Montenegro.
  • Terra co-founder's associate, Han Chang-joon, acquired the flat while two men were fugitives from Interpol.
  • Serbian prosecutor tells DL News South Korea is entitled to take control of the asset.
  • Do Kwon is embroiled in legal proceedings around his extradition to South Korea.

South Korean authorities are not only poised to get Do Kwon back from Montenegro. They are also poised to take possession of the $2.2 million flat acquired by an associate of the one-time Terra boss in Belgrade when the two men were on the run from Interpol, a Serbian official told DL News.

“The apartment will belong to the Republic of Korea after the finality of the property confiscation procedure,” Boris Majlat, a prosecutor in charge of the Do Kwon’s case in Serbia, told DL News. “Whether it will be sold or otherwise used by the Republic of Korea is still unknown.”

International manhunt

Last April, DL News reported that Han bought the flat during a six-month international manhunt for the pair.

The residence is located in an elite district of Belgrade that is home to diplomats, business executives, and other affluent residents, including the head of police, who owned an apartment one building away, DL News reported.

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Following publication of the story, Serbian police raided the building and seized the flat.

Branko Stamenkovic, a Serbian prosecutor, told DL News last year that the apartment “might be the biggest seizure in the case” against the former Terra executives.

The property is still owned by Do Kwon’s business associate Han Chang-joon, documents from the Serbian Land Registry show.

Han was extradited to South Korea in February to face fraud charges connected to the $60 billion collapse of the Terra blockchain ecosystem in May 2022.

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Request letter

Majlat said South Korea has submitted a request for international legal assistance in criminal matters, which requires the temporary confiscation of property.

“The request letter arrived, but their indictment, which is necessary for further decision-making, was not delivered,” Majlat explained.

“I asked my colleagues from South Korea to deliver the indictment to me as soon as possible so that we could file a request for confiscation with the court.”

The two Korean men were arrested at Podgorica Airport in Montenegro’s capital last March as they were about to fly to Dubai on fake Costa Rican passports.

The former Terra CEO was released from jail in Podgorica last weekend. He was supposed to be extradited to South Korea, according to a court ruling.

But the Supreme Court suspended that decision and legal proceedings are ongoing.

Do Kwon’s lawyers in Montenegro declined to comment on the Belgrade flat because it is not part of their purview.

Ana Ćurić is a data journalist at DL News. Got a tip? Email her at

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