South Korean prosecutors are making a fresh effort at arresting Daniel Shin, a FinTech entrepreneur who co-founded the Terraform Labs crypto project that suffered a $40 billion wipeout last year.
On Monday, the prosecutors’ office in Seoul said it was seeking an arrest warrant on charges including fraud and breach of duty.
The development follows the detention of Terraform Labs’ other founder Do Kwon in Montenegro last week. Lawyers for Mr Shin declined to comment.
South Korea and the US are seeking Mr Kwon’s extradition to face trial on charges related to the implosion of TerraUSD, an algorithmic stablecoin, and its sister token Luna in May 2022.
Their collapse sparked a wave of crises in crypto, exacerbating a $2 trillion rout in digital asset prices.
Mr Shin’s lawyers previously said that he split from Terraform Labs in 2020 and hasn’t been involved in its operations since.
A South Korean court in December rejected an earlier effort by prosecutors to obtain an arrest warrant for him, saying it was difficult to believe he poses a flight risk or would destroy evidence.
Mr Kwon became a fugitive after Seoul sought his arrest. His whereabouts were a mystery until his detention last Thursday. He was trying to fly to Dubai using false travel documents, according to officials in Montenegro.
Mr Kwon denies allegations that he tried to leave Montenegro using a fake passport, his lawyer said at the weekend. The US has accused Mr Kwon of fraud and South Korean charges include breaches of capital markets law.
Stablecoins like TerraUSD are meant to hold a constant value, typically $1. The token’s failure was the most spectacular ever seen in the stablecoin segment.
Australia tour of Pakistan
March 4-8: First Test, Rawalpindi
March 12-16: Second Test, Karachi
March 21-25: Third Test, Lahore
March 29: First ODI, Rawalpindi
March 31: Second ODI, Rawalpindi
April 2: Third ODI, Rawalpindi
April 5: T20I, Rawalpindi
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
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COMPANY PROFILE
Company name: Letstango.com
Started: June 2013
Founder: Alex Tchablakian
Based: Dubai
Industry: e-commerce
Initial investment: Dh10 million
Investors: Self-funded
Total customers: 300,000 unique customers every month
