Montenegro PM's Early Terra Investment Sparks Conflict of Interest Claims
Montenegro's Prime Minister, Milojko Spajic, has found himself in a prime position of controversy over an early investment in Terraform Labs, the company behind the now-collapsed cryptocurrency LUNA. Spajic, who is also seeking EU and NATO membership for Montenegro, is accused of a conflict of interest and has been called to resign by opposition members.
Spajic's troubles began in April 2018 when, as an advisor at the Ministry of Finance, he invested $75,000 in Terraform Labs. This investment yielded 750,000 LUNA tokens. At the time, Spajic paid just ten cents per LUNA, which was considered an excellent deal. If he had sold at the right time, he could have made around $75 million.
Adding fuel to the fire is the revelation that Do Kwon, the founder of Terra, has been hiding in Montenegro to avoid international justice. Kwon had an investor at the highest level of Montenegrin politics - Prime Minister Spajic himself. Spajic's opponents argue that his investment in Terra and his failure to disclose his wealth create a clear conflict of interest.
Spajic, who is 36 years old and has been Montenegro's Prime Minister since October 2023, is now under pressure to resign. His investment in Terra and the presence of Do Kwon in Montenegro have raised serious questions about his judgement and transparency. The situation is further complicated by Spajic's ongoing efforts to secure EU and NATO membership for Montenegro.
