Do Kwon Registered A Business Entity While Hiding Out In Serbia Despite A Large Scale Manhunt

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South Korean Authorities Seek To Revoke Terra Co-Creator Do Kwon’s Passport To Expedite Deportation
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  • New report disclosed that Terra’s founder set up a company in Serbia despite his wanted status.
  • The law firm facilitating the company’s registration claims that Kwon passed all internal security checks.
  • Kwon was arrested in Serbia while attempting to travel aboard a private jet to Dubai.

Events continue to unfold since Do Kwon’s arrest, and the latest in the string of developments revolve around a company created for less than a dollar.

During the time he was holed up in Serbia, Do Kwon managed to register a company with the Serbian Business Registry with the principal nature of the business being the offer of consultancy services. 

The company, Codokoj22 d.o.o Beograd was created on October 12, 2022, using his South Korean passport. Although named as the principal owner of the business, another wanted associate Han Chang-Joon was named as a director of the business entity.

According to source documents, the company was registered with 100 Serbian dinars, an amount less than $1. Both the Serbian Business Registry and Gecic Law, the law firm that facilitated the arrangement revealed that they were not aware that Kwon was an international fugitive after passing internal checks.

“I cannot comment on my client due to confidentiality agreements, but I can say that this client went through all our 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,” said an associate of the law firm.

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Kwon was arrested aboard a private jet while attempting to travel to Dubai under a forged Costa Rican passport and travel documents. Prior to his arrest, South Korea’s Interior Ministry nullified his passport while the International Criminal Police Organization (Interpol) issued a red notice to law enforcement agencies to arrest Kwon.

Checks on Interpol’s website fail to disclose any information regarding Do Kwon’s red notice, leaving industry stakeholders scratching their heads.

Will Kwon be extradited to South Korea?

South Korean prosecution has been pining for Do Kwon’s extradition since his arrest but their plans have been muddled with the U.S. also seeking for Kwon to answer for his crime on their turf. 

In February, South Korean officials traveled to Serbia to press for his arrest and possible extradition. It is important to note that there is no existing extradition treaty between South Korea and Serbia but given the presence of such a treaty between the U.S. and Serbia, Kwon could be shipped across the Atlantic.

Kwon is facing fraud charges in both the U.S. and South Korea over the sudden de-pegging of algorithmic stablecoin TerraUSD (UST), triggering losses running into billions of dollars.