Individual fund investment revealed despite claims of investment by affiliated company… Met even in 2022 when Kwon Dohyeong was on Interpol’s wanted list… Civic group urges resignation
” (Rome=Yonhap News) Shin Chang-yong Correspondent = The ‘Terra Luna Crash Incident’ is shaking up the Montenegrin political scene.”
‘ The central figure of this incident, Kwon Dohyeong, one of the initial private investors of Terraform Labs founded by him, has been revealed to be the current prime minister of Montenegro, where he is currently detained.’
‘ The Montenegrin daily Vijesti highlighted suspicions about Prime Minister Miloco Spaic based on Terraform Labs-related documents submitted to the U.S. Securities and Exchange Commission (SEC) in New York on the 18th (local time).’
‘ According to the Excel data submitted by the SEC to the court, a total of 81 initial investors in Terraform Labs from its establishment in April 2018 to the summer of 2021 were listed. Spaic’s name appears as the 16th on this list.’
‘ In this data, corporation and individual investors are clearly distinguished, with him recorded as purchasing 750,000 Luna coins in his personal capacity on April 17, 2018, at 10 cents each.’
‘ So far, he has claimed that he and the company he was working for at the time invested $75,000 (about 100 million won) in Terraform Labs in the early days of 2018 and fell victim to fraud.’
‘ He was affiliated with Das Capital SG, a Singapore fund company, from March 2017 to February 2020. However, this company’s name does not appear in the Excel data submitted to the court by the SEC.’
‘ The civic movement organization URA pointed out that Spaic’s lies have been exposed to the world through the SEC’s data.’
‘ URA stated, “He did not mention his personal investment funds while claiming that the company he worked for was defrauded by Kwon Dohyeong,” emphasizing that “his failure to speak the truth in public has backfired once again.”‘
” If he had sold the 750,000 Luna coins at the peak price, he could have pocketed profits close to $90 million (about 124.4 billion won).”
” Before the ‘Terra Luna Crash Incident,’ Vijesti reported that Spaic did not answer how much Luna coin he owned just before the crisis.”
” Some officials complained that he lost a huge amount of money in the crisis at that time.”
” If he had made a substantial profit by selling Luna coins earlier, suspicions of tax evasion could arise, and he would have to explain any omissions in the declaration of the assets of public officials, the media pointed out.”
” Spaic actively supported the virtual asset industry during his time as Montenegro’s finance minister from December 2020 to April 2022. He even forecasted that the blockchain industry could account for 30% of Montenegro’s economy within three years.”
” After founding the new party ‘Europe Now Movement’ in June 2022 and leading it to victories in local elections in October of the same year, as well as in the presidential and parliamentary elections in April and June last year respectively, he became the Prime Minister.”
” Just before the parliamentary elections, allegations arose that Kwon Dohyeong had provided illegal political funds to Spaic, causing a stir in Montenegrin politics.”
” Dragan Abazovic, the then Prime Minister and competitor, revealed a handwritten letter received from Kwon just days before the elections, containing details about Kwon’s connection with Spaic since 2018 and his financial support in the letter.”
” However, Kwon, the alleged author of the letter, completely denied the allegations of providing illegal political funds after the election ended in a landslide victory for ‘Europe Now.'”
” The fact that Spaic and Kwon separately met in Belgrade, the capital of Serbia in 2022, raised numerous suspicions about their relationship. At that time, Kwon was being sought by Interpol.”
” However, Spaic refuted that he was unaware of Kwon being wanted, and when Kwon was arrested in Montenegro on March 23 last year, he claimed that it was thanks to him leaking information to the authorities.”
” Andrei Milovichi, the Minister of Justice and Spaic’s close aide, defended in a TV interview on that day, ‘Prime Minister Spaic, like millions of others, fell victim to fraud by Kwon Dohyeong.'”
” The civic movement organization URA stated, ‘The suspicions surrounding Prime Minister Spaic raised a new phase with the SEC’s data,’ urging him to resign immediately and calling on the relevant authorities to thoroughly investigate these suspicions.”
” Kwon has been detained in Montenegro since March 23 last year on charges of passport forgery, continuing his trial for extradition to face criminal charges.”