Chai Corporation

The Terraform Labs executive reportedly established a company called “Codokoj22 d.o.o. Beograd” in Serbia, with its main business activity listed as consultancy services.

Terraform Labs co-founder Do Kwon established a company in Serbia for less than $1 just weeks after being flagged with an Interpol red notice, according to documents from the Serbian Business Registry.

As per a DLNews report on March 27 citing the official records, Kwon opened a company called “Codokoj22 d.o.o. Beograd” in October 2022 for $0.92  (100 Serbian dinars). 

It registered its main business activity as consultancy services.

Although Kwon is the sole owner of the company, Han Chang-Joon, the former CEO of Chai Corporation, was reportedly listed as a co-director.

It has also been alleged that both Kwon and Han used their Korean passports to register the company — which is still reportedly in operation — with the Serbian Business Registry.

The report also noted that Kwon allegedly contracted Serbian law firm, Gecic Law, to represent him.

Ognjen Colic, a partner at Gecic Law, reportedly stated that Kwon underwent the standard security checks performed by the firm for every client, including an Interpol website search, which he wasn’t seen on.

“He is not on there ­– you can check it yourself now.”

Cointelegraph has checked Interpol’s website several times and has been unable to find any information related to Kwon, despite previous reports stating a red notice has been issued for his arrest.

Related: Terra co-founder in S. Korean crosshairs following Do Kwon arrest

Last week, both Kwon and Han were arrested in Montenegro after allegedly using forged Costa Rican travel documents.

Under the Criminal Code of Montenegro, the offense carries a maximum imprisonment sentence of three years.

A legal representative of Kwon confirmed that he will reportedly appeal the court’s decision to extend detention time for up to 30 days.

Meanwhile, United States prosecutors on March 23 announced that Kwon has been charged with fraud in a New York court.