Report: Do Kwon Successfully Formed a Company in Serbia Weeks After Interpol Issued Red Notice

According to a report, the recently arrested Terraform Labs co-founder Do Kwon was able to register a company in Serbia just a few weeks after Interpol issued a Red Notice for him. Lawyers that helped Kwon form a company in Serbia reportedly said they were not aware of Interpol’s Red Notice against their client.

Do Kwon Uses Korean Passport to Register Company

Just a few weeks after an Interpol Red Notice for arrest was issued, the former Terraform Labs CEO Kwon was still able to form and register a company in Serbia, a local publication has said. Known as Codokoj22 d.o.o. Beograd, the company which was registered on Oct. 12, 2022, lists Kwon as the owner. The former CEO along with his countryman Han Chang-Joon from Chai Corporation are also named as directors of the company.

According to a report in DL News, the duo’s Serbian company was established with capital equivalent to just under $1 (100 din). The report added that Kwon and Chang-Joon used their Korean passports to register the new company with Serbian Business Registry.

As previously reported by News in late Sept. 2022, the global law enforcement agency Interpol kickstarted an international manhunt for Kwon after it issued a Red Notice for the Terraform Labs co-founder. Before the notice was issued, Kwon insisted that he was not on the run and that he was in fact cooperating with “any government agency that has shown interest to communicate.”

However, News reported on March 23, 2023, that Montenegro’s interior minister said Kwon was arrested at Podgorica airport. He had a forged Costa Rican passport on him when he was apprehended. Chang-Joon has now also been reported as being arrested.

Lawyers Unaware of Interpol’s Red Notice

Meanwhile, unnamed officials from the Serbian Business Registry and lawyers at Gecic Law Firm are quoted in the report professing their ignorance about the existence of an Interpol Red Notice. Ognjen Colic, a partner at Kwon’s legal representatives in Serbia, claimed that his firm took all the necessary steps before electing to represent him.

“I cannot comment on my client due to confidentiality agreements, but I can say that this client went through all the 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,” Colic reportedly said.

Milos Petakovic, a lawyer from the same law firm, is quoted in the report stating that he needed to consult his colleagues before commenting on Gecic Law Firm’s decision to work for Kwon.

In addition to South Korea, which issued a warrant for his arrest in Sept. 2022, Kwon was also wanted by authorities in Singapore and in the United States.

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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