Terra founder's Singapore employment permit at risk, report says

A court issued arrest warrants for Do Kwon on allegations including the violation of capital markets law, according to the Straits Times

Do Kwon, co-founder and chief executive of Terraform Labs, in the company's office in Seoul, South Korea. Bloomberg

Do Kwon, whose collapsed Terraform Labs cryptocurrency ecosystem sparked a meltdown in digital assets, may find his work status in Singapore at risk, the Straits Times reported.

Mr Kwon has applied to renew his Employment Pass, which gives him the right to work in Singapore and which expires on December 7, according to the report.

Mr Kwon applied for an EntrePass — created to allow eligible foreign entrepreneurs to start and operate businesses in Singapore — and was rejected, the Straits Times said, quoting Ministry of Manpower (MoM) records.

The Terra founder may face deportation to South Korea after officials sought to have his passport revoked, according to South Korea’s prosecutor’s office on Thursday.

That comes after a court issued arrest warrants for six individuals, including Mr Kwon, on allegations including the violation of capital markets law.

The MoM has the discretion to reject work application renewals if there is deemed to be a breach of the law.

Some workers from overseas had their employment passes revoked after they were found guilty of flouting government-imposed lockdowns in 2020.

If there is a police case or lawsuit against a work-pass holder, or other adverse records such as involvement in fraud, the MoM takes those factors into consideration when considering the person for renewal of the pass, Regent Law criminal lawyer Rajan Supramaniam told the Straits Times.