As a researcher with a background in law and experience in following the Terraform Labs case, I find this ruling a significant victory for Do Kwon’s spouse, Ms. Lee. The court’s decision to recognize these assets as separate property acquired by Ms. Lee during her marriage is an important step towards clarifying the ownership of these assets.
As a researcher, I’ve come across some intriguing developments regarding the ongoing legal case involving Do Kwon and his spouse, Ms. Lee, of Terraform Labs. Although a decision on Do Kwon’s extradition from Montenegro is yet to be made, Ms. Lee recently secured a significant court victory in South Korea.
Do Kwon’s Spouse Wins Big
Judge Joo Chae-kwang of the 12th Civil Division pronounced the judgment on June 19, ruling that the specified assets belonged individually to Ms. Lee and were obtained independently during her marriage. The assets under discussion consist of a versatile apartment in Seongsu-dong and Officeitel subscription rights in Nonhyeon-dong, estimating to a total worth of nearly KRW 233.3 billion (around $183 million).
The court highlighted that the money employed for those investments was derived from Ms. Lee’s income and cryptocurrency investments, such as substantial deals in Bitcoin and Ethereum. She managed these assets individually through her personal digital wallets, without definitive proof indicating Do Kwon’s dominion over them.
“According to the court’s decison, the government is prohibited from confiscating the real estate in Seongsu-dong, Seoul, or the officetel subscription rights and price refund claims in Nonhyeon-dong belonging to Kwon. This restriction remains in place until the decision becomes final.”
The court’s decision is significant because it questions the state’s former belief that the assets were solely owned by Do Kwon and had been transferred to Ms. Lee’s name to hide them. The court further explained, “It’s hard to fathom why Mr. Kwon would have obtained a 10% interest in these real estate properties through Ms. Lee instead of acquiring the entire stake or at least a 50% share if, as assumed, he was trying to conceal ill-gotten gains.”
The court refused to acknowledge the state’s argument that the cryptocurrencies used in these transactions belonged to Do Kwon. According to the ruling, it was a challenge to establish that Kwon was the owner of the virtual assets or the originator of the funds for purchasing them. Consequently, the court did not reach a definitive conclusion that Kwon owned the digital assets or the source of the funds for acquiring them.
The Montenegrian Supreme Court recently reversed the extradition order for Do Kwon, currently in custody in Montenegro, and sent the case back to the High Court in Podgorica instead. This decision comes as legal proceedings against Kwon continue, with potential extradition requests from both the US and South Korea still under consideration. (Bitcoinist reported this development at the beginning of April.)
On July 1st, South Korea’s government submitted an appeal challenging the court decision regarding the disputed assets connected to the Do Kwon family, implying that further legal discussions on this matter are imminent.
At press time, Terra Luna Classic (LUNC) traded at $0.00007253.
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2024-07-11 16:56