Montenegro’s PM Caught In Scandal Over Terra Founder Do Kwon Deal And Meetings

In a recent interview, President Jakov Milatović of Montenegro accused Prime Minister Milojko Spajić of lying about his knowledge of Do Kwon, the controversial co-founder of Terraform Labs, during a pivotal moment surrounding Kwon’s arrest in Podgorica. 

According to Milatović, Spajić claimed ignorance of Do Kwon’s identity on the day of his arrest, despite having previously engaged in a deal involving 750,000 Terra Luna tokens and allegedly meeting Kwon multiple times.

President Exposes PM’s Denial of Do Kwon Links

Milatović recounted the events of March last year during a party meeting, where he directly asked Spajić if he knew Kwon. He stated that Spajić’s denial occurred in front of several party members, including current ministers, raising questions about the Prime Minister’s transparency and credibility, especially given his role in the crypto sector.

Adding to the controversy, Milatović mentioned that Spajić had introduced him to George Cottrell, a British national facing serious charges in the United States, including money laundering and fraud. 

Milatović described Cottrell as a potential advisor for election campaigns, although he expressed disappointment with the meeting, which he felt promoted “anti-European sentiments.” 

Turning Point In Legal Saga

In light of these developments, Milatović has voiced a strong stance against Montenegro becoming a haven for criminals, urging local authorities to act decisively in cases like that of Turkish citizens Binali Čamgoz and Do Kwon. 

The president called for transparency and accountability, asserting that the country must not project a negative image internationally.

The backdrop to this unfolding drama is the recent legal decision by the Montenegrin Court of Appeal to extradite Do Kwon to South Korea, dismissing a competing extradition request from the United States. 

The judge overseeing the case ruled that South Korea’s extradition request precedes the US request. The reason is that according to Montenegro’s existing extradition treaty with South Korea, which takes precedence over the agreement with the United States, the South Korean request was submitted first.

Do Kwon has been under intense legal scrutiny since the collapse of his blockchain protocol, which resulted in significant financial losses for investors. The court’s decision, announced on August 1, marks a critical point in a long legal battle that began with Kwon’s arrest at Podgorica airport in March 2023.

At the time of writing, Terraform Labs’ native token Luna Classic (LUNC) is trading at $0.000078, recording a price recovery of 2.3% in the past 24 hours and nearly 4% in the past seven days as the crypto market stabilizes. 

In longer time frames, the token is down 11% over the past fourteen days and up 11% and 29% over the past thirty days and year-to-date, respectively. 

Featured image from DALL-E, chart from TradingView.com