Singapore Court Rules Against Terraform Labs Founder in Property Dispute

According to PANews, the Singapore High Court has ruled that Terraform Labs founder Do Kwon cannot recover the $15.1 million deposit he paid for a luxury apartment. The decision comes after Kwon faced criminal charges that prevented him from completing the property transaction. In early 2022, Do Kwon and his wife signed a 16-month lease for a four-bedroom penthouse unit at Sculptura Ardmore in Singapore, paying $15.1 million, which was approximately half of the property's purchase price. This amount included a monthly rent of $31,150. On May 17, 2023, Kwon instructed his wife to exercise the purchase option, which required a payment of only $778. However, this payment was never made, and the purchase option and lease expired in June 2023. Kwon's wife continued to reside in the property for an additional month. The developer of the luxury penthouse seized the $15.1 million deposit and accused Kwon's wife of breaching the contract, seeking one month's rent and $70,000 in repair costs. The High Court judge dismissed the repair cost claim but ruled that an additional month's rent must be paid. Do Kwon contested the developer's seizure of his funds, arguing that the amount should be returned to him. The High Court rejected Kwon's claim, and the property was later resold for $26.87 million.