Whereas the extradition of Do Kwon has not but been determined in Montenegro, the partner of Terraform Labs founder, Ms. Lee scored a significant authorized victory towards the South Korean state. The courtroom dominated that sure actual property shares and officetel subscription rights, beforehand seized underneath the identify of Ms. Lee shouldn’t have been topic to state seizure, as native information outlet Naver reported completely at this time.
Do Kwon’s Partner Wins Huge
Presiding Choose Joo Chae-kwang of the twelfth Civil Division delivered the decision on June 19, figuring out that these belongings had been Ms. Lee’s separate property, acquired independently throughout her marriage. The belongings in query embrace a multi-use condominium in Seongsu-dong and Officetel subscription rights in Nonhyeon-dong, collectively valued at roughly KRW 233.3 billion (roughly $183 million).
The courtroom burdened that the funds used for these investments got here from Ms Lee’s earnings and investments in cryptocurrencies, together with important transactions in Bitcoin and Ethereum. These had been managed by her private wallets, with no clear proof of Do Kwon’s management over these belongings.
“The state doesn’t allow the seizure of the actual property situated in Seongsu-dong, Seoul, and the officetel subscription rights and subscription worth refund claims situated in Nonhyeon-dong primarily based on the courtroom’s choice to protect assortment towards Kwon,” the ruling said. “The seizure and enforcement thereof stays till this choice is remaining.”
This ruling is especially notable because it challenges the state’s earlier assumption that the belongings had been acquired by Do Kwon and merely registered underneath Ms. Lee’s identify to doubtlessly conceal belongings. “If, because the state assumes, Mr. Kwon acquired the shares of this actual property in his spouse’s identify with a view to conceal legal proceeds, it’s obscure why he acquired solely a ten% stake in Ms. Lee’s identify, not your complete stake or no less than a 50% stake,” the courtroom elaborated.
Moreover, the courtroom rejected the state’s claims that the crypto belongings used for these purchases had been owned by Do Kwon. “The burden of proof concerning the truth that the digital belongings, similar to Bitcoin, which may be seen as the last word supply of the funds for buying the actual property stake, are owned by Kwon, it’s troublesome to conclude that the proprietor of the digital belongings or the supply of the funds for buying them is Kwon,” the courtroom concluded.
This ruling comes amidst ongoing authorized proceedings involving Do Kwon himself, who’s presently detained in Montenegro pending selections concerning extradition to both america or South Korea. As reported by Bitcoinist, the Supreme Court docket of Montenegro overturned the extradition of Do Kwon to South Korea initially of April and referred the case again to the Excessive Court docket in Podgorica.
The South Korean state has filed an attraction towards this ruling on July 1st, indicating that the authorized debates surrounding the belongings linked to the Do Kwon household are set to proceed.
At press time, Terra Luna Traditional (LUNC) traded at $0.00007253.
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