Do Kwon Set Up Shell Company in Serbia for Less Than $1

Do Kwon Set Up Shell Company in Serbia for Less Than $1

Do Kwon, co-founder of Terraform Labs, reportedly established a company in Serbia for less than $1 just weeks after being flagged with an Interpol “red notice.” According to official documents from the Serbian Business Registry, Kwon established a company called “Codokoj22 d.o.o. Beograd” in October 2022 for just 100 Serbian dinars, which amounts to approximately $0.92.

Official document from the Serbian Business Registry


The company is registered as a consultancy service, and Kwon is listed as the sole owner. However, Han Chang-Joon, the former CEO of Chai Corporation, is reportedly listed as a co-director. Kwon and Han allegedly used their Korean passports to register the company with the Serbian Business Registry.

Despite Kwon’s recent legal troubles, the company is reportedly still operating. Kwon allegedly contracted Serbian law firm Gecic Law to represent him in setting up the company.

Ognjen Colic, a partner at Gecic Law, stated that Kwon underwent standard security checks, including an Interpol website search, which he did not appear on. 

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

However, last week, Kwon and Han were arrested in Montenegro for allegedly using forged Costa Rican travel documents. The offense carries a maximum imprisonment sentence of three years under the Criminal Code of Montenegro.

Kwon’s legal representative confirmed that he would appeal the court’s decision to extend his detention for up to 30 days. Meanwhile, US prosecutors have charged Kwon with fraud in a New York court.

The establishment of the Serbian company raises questions about Kwon’s intentions and activities, particularly in light of his recent legal troubles. The low cost of setting up the company and its stated business activity as a consultancy service also raise suspicions about its true purpose.

The ongoing legal battles involving Kwon, including the fraud charges in the US and the forgery charges in Montenegro, suggest that he may have engaged in illegal activities. The establishment of a shell company in Serbia for such a low cost adds to these suspicions and raises concerns about potential money laundering and other illegal activities.

As the legal proceedings against Kwon continue, it remains to be seen what impact the establishment of the Serbian company will have on his case and whether it will lead to further legal action against him or others.