This article is more than six months old

The SEC wants Do Kwon deposed in Montenegro where he’s in jail

The SEC wants Do Kwon deposed in Montenegro where he’s in jail
Do Kwon was arrested and jailed in Montenegro for passport forgery after trying to flee to Dubai on a private jet.
  • The SEC wants to depose Do Kwon — currently in jail in Montenegro for passport forgery.
  • Kwon's lawyers are resisting, saying he can't attend a US deposition as he's in jail in Montenegro.
  • The US request is for the deposition to be held in Montenegro, however.
  • The extradition process is ongoing as authorities decide if they will extradite Kwon to the US or South Korea.

The US Securities and Exchange Commission wants Do Kwon — currently in jail in Montenegro for passport forgery — to give a statement to Montenegrin authorities as part of its case against the former Terra Labs CEO.

That’s according to a court filing dated September 27. The Ministry of Justice in Montenegro confirmed to DL News on Friday that it received the request from the SEC and forwarded it to the court in the country’s capital, Podgorica.

The deposition request relates to the SEC’s case against Kwon — the agency charges the South Korea native with fraud related to the $60 billion collapse of cryptocurrencies Terra and Luna in May last year.

The ministry added that the SEC request is running in parallel with an effort to extradite Kwon to face criminal charges from US prosecutors in a separate case.

Kwon is required to make a statement as part of the US court case before October 13. His lawyer claimed in the filing that Kwon has never opposed the effort to depose him.

While the SEC request is for Kwon to remain in Montenegro, the resistance from Do Kwon’s lawyers appears to be based on a premise that he must return to the US.

“The court should deny the SEC’s motion for the simple reason that it is impossible for Mr. Kwon to appear in the United States,” wrote Douglas Henkin and Mark Califano, Kwon’s attorneys, in a filing to the US District Court in Manhattan on September 27.

They claim that there is insufficient time, and that it i’s unknown how long Do Kwon will remain in prison.”Counsel for Terraform and Do Kwon have informed us that they do not oppose this request,” an SEC official said in an email published as part of the filing.

Join the community to get our latest stories and updates

The US filed a request for Kwon’s extradition with Montenegrin authorities, after he and his business partner Han Chang-Joon were arrested at the airport in Podgorica in March while trying to fly to Dubai in a private jet.

Kwon is also wanted by his native South Korea, along with his business partner, on similar charges.

They have been detained for more than six months near Podgorica. The Basic Court of Podgorica found they used fake documents while trying to leave Montenegro.

Later, the court accepted a €400,000 bail, but instead of leaving prison, they remained there amid a six-month extradition detention period.

The extradition process is ongoing and Montenegrin authorities will decide if they will extradite Kwon, either to the US or South Korea.

Got a tip on Do Kwon? Reach out to