Haider Jamal

Jun 21, 2024

Montenegro Prime Minister Revealed To Have Invested In Terra

A recent Bloomberg report disclosed that the Prime Minister of Montenegro, Milojko Spajic, personally invested in Terraform Labs years prior to the collapse of the company. This revelation has sparked concerns over the decision made by the founder to evade prosecution by seeking refuge in the same nation.


The Controversy Continues

The founder of Terraform Labs, Do Kwon, was detained in Montenegro in March 2023 and is currently facing extradition requests by the United States and South Korea. Spajic has been asked to resign by several constituents, both internally and externally,  and these requests have only been amplified by the opposition.

According to Bloomberg, Spajic has asserted that the investment was made through Das Capital SG, a Singapore-based company where he held a partnership. However, the independent Montenegrin newspaper Vijesti, which first reported the news, stated that the holdings reached nearly $90 million at one point.


Calls For Resignation

The LinkedIn profile for Spajic indicates that he worked as a credit analyst and investor in Singapore between 2014 to 2020 before returning to Montenegro to assume the role of finance minister in late 2020.

The timing of these revelations is critical for Montenegro, where Spajic has led a fragile ruling coalition since October. As a NATO member and a candidate country for the European Union, the controversy surrounding the involvement of the PM in a collapsed cryptocurrency firm has intensified pressure by the opposition, who are now demanding his immediate resignation.


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