Do Kwon, co-founder of Terraform Labs, set up a company in Serbia for less than $1 a few weeks after being flagged by Interpol for a “red notice,” according to documents from Serbia’s business registry.
According to a March 27 report by DLNews, citing official records, Kwon opened a company called "Codokoj22 d.o.o." Belgrade" in October 2022 for 100 Serbian dinars ($0.92). It registers its main business activity as consulting services.
Although Kwon is the sole owner of the company, former Chai Corporation CEO Han Chang-Joon is reportedly listed as a joint director. Kwon and Han allegedly used their South Korean passports to register the company which is reportedly still in operation with the Serbian commercial registry. The report also noted that Kwon was allegedly contracted and represented by Gecic Law, a Serbian law firm.
Ognjen Colic, a partner at Gecic Law, reportedly said Kwon underwent the standard security checks the firm performs for each client, including an Interpol website search, but he did not show up for those checks. Last week, Kwon and Han were arrested in Montenegro on suspicion of using forged Costa Rican travel documents.
According to the Penal Code of Montenegro, this offense is punishable by up to three years' imprisonment. A legal representative for Kwon confirmed that he will reportedly appeal the court's decision to extend his detention by up to 30 days.
Meanwhile, U.S. prosecutors announced on March 23 that Kwon was charged with fraud in a New York court.
