Do Kwon’s extradition from Montenegro is still undecided, but his wife, Ms. Lee, has recently won a big legal victory in South Korea.
The court ruled that some real estate and officetel subscription rights seized from Ms. Lee should not have been taken by the state. These assets were considered to be independently acquired and not connected to the legal troubles of her husband, Do Kwon, as reported exclusively by the local news outlet Naver today.
South Korean Court Rules in Favor of Do Kwon’s Wife in Major Legal Battle
A South Korean court has recently ruled in favor of Ms. Lee, the wife of Terraform Labs founder Do Kwon, in a notable legal case. Judge Joo Chae-kwang determined that certain real estate shares and officetel subscription rights acquired by Ms. Lee were her personal property and should not have been seized by the state. These assets, valued at approximately KRW 233.3 billion ($183 million), include a multi-use apartment in Seongsu-dong and officetel subscription rights in Nonhyeon-dong.
The court highlighted that the funds used for these investments came from Ms. Lee’s personal earnings and cryptocurrency investments. Significant transactions through her personal wallets involved Bitcoin and Ethereum. The court found no evidence that Do Kwon had any control over these assets, thus ruling that the state had no grounds for their seizure.
The ruling stated, “The state does not permit the seizure of the real estate located in Seongsu-dong, Seoul, and the officetel subscription rights and subscription price refund claims located in Nonhyeon-dong based on the court’s decision to preserve collection against Kwon.”
Court Ruling Challenges State’s Assumptions in Do Kwon Case
The court’s recent decision questions the state’s assumption that the assets owned by Ms. Lee, the wife of Terraform Labs founder Do Kwon, were under his control. The court argued that if Do Kwon had acquired these assets to hide criminal proceeds, it would be illogical to only register a 10% stake in Ms. Lee’s name rather than a larger share.
Additionally, the state failed to prove that the cryptocurrency used for these purchases belonged to Do Kwon. The court noted, “The burden of proof regarding whether the virtual assets, such as Bitcoin, which could be seen as the ultimate source of funds for acquiring the real estate stake, are owned by Kwon, makes it difficult to conclude that the virtual assets or the source of the funds are Kwon’s.”
Currently, Do Kwon is detained in Montenegro, facing legal proceedings for his possible extradition to the United States or South Korea. The Supreme Court of Montenegro has previously overturned a decision to extradite him to South Korea, sending the case back to the High Court in Podgorica. South Korea has filed an appeal, showing that the legal challenges are ongoing.
This recent legal victory for Ms. Lee highlights the complex nature of the legal issues involving Terraform Labs and its founder’s family. While the ruling provides some relief for Ms. Lee, the broader legal battles for Do Kwon continue. The case underscores the need to differentiate individual financial independence and rights from the larger legal issues affecting family members.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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