Do Kwon's Extradition Stirs Controversy Amid Corruption Allegations by Montenegro’s Ex-Justice Minister

According to a Sept. 24 report by local news outlet Vijesti, Milović raised alarms about a potential connection between the extradition of Terraform Labs co-founder Do Kwon and Montenegro’s airport concession deal with South Korea.

Milović alleges that Prime Minister Milojko Spajić shifted his stance on granting a 30-year airport concession in favor of South Korea, using Kwon’s extradition as a bargaining tool to secure the agreement.

Do Kwon and the Terra Collapse

Do Kwon, who was arrested in Montenegro in March 2023 while attempting to travel with falsified documents, is wanted in connection with the collapse of the Terra/Luna crypto project, which led to global financial losses amounting to approximately $40 billion. Both the U.S. and South Korea have sought his extradition to face charges.

Allegations of Political Interference

Milović, who is also running for mayor in Podgorica's upcoming local elections, claimed in a media statement that Spajić initially supported awarding the airport concession to a French bidder. However, after the Montenegrin Court of Appeals ruled that Kwon should be extradited to South Korea, Spajić allegedly shifted his support to South Korea’s bid.

Milović further accused the Prime Minister of having personal ties to the case, citing reports that Spajić had invested $75,000 in Terra/Luna tokens, directly connecting him to Kwon’s failed crypto enterprise.

Montenegro’s President, Jakov Milatović, along with former Prime Minister Dritan Abazović, have also pointed fingers at Spajić, accusing him of concealing his relationship with Kwon, despite several documented meetings between the two.

Milović expressed concerns that extraditing Kwon to South Korea could prevent a thorough investigation into these matters. He called on the U.S. to exert pressure on Spajić to support broader inquiries into the case.

The Geopolitical Battle Over Kwon’s Extradition

Do Kwon’s extradition has sparked an international legal tug-of-war, with both South Korea and the U.S. vying to bring him to trial. Since his arrest, Montenegro’s courts have been navigating complex legal challenges, delaying the extradition process for months.

While the Court of Appeals recently ruled in favor of extraditing Kwon to South Korea in early August, the Montenegrin Supreme Court subsequently intervened, halting the process to assess whether the decision was legally sound.

Ultimately, the final say on Kwon’s extradition rests with Justice Minister Bojan Božović. The decision is anticipated to have far-reaching political and economic implications for Montenegro, particularly concerning its strategic infrastructure projects and international partnerships.

As Montenegro's leadership remains under scrutiny, the Do Kwon case continues to entangle high-profile figures and cast a shadow over the country's political landscape.