The 69-year-old Portuguese national Joao De Oliveira Rendeiro has been denied bail.
He was arrested by Interpol at Umhlanga north of Durban last weekend after he fled Portugal following his conviction and sentence in a multi-million dollar fraud case.
De Oliveira Rendeiro, who was the founder of the bank Banco Privado Portugues also known as BPP, appeared briefly in the Verulam Magistrate’s Court.
He was charged with tax fraud and money laundering in Portugal.
The court has heard that the accused was found in possession of three passports.
The state said De Oliveira Rendeiro is a flight risk because he has no ties in South Africa.
Due to these factors, Magistrate Rajesh Parshotam said it will not be in the interest of justice to grant De Oliveira Rendeiro bail.
Magistrate Parshotam further said in his ruling that the Bill of Rights in the Constitution never meant for South Africa to be a hiding place for fugitives fleeing their own countries.
The magistrate said the country must honour its international obligations.
De Oliveira Rendeiro will remain in custody until the 10th of January 2022, which is a provisional date for the start of the extradition proceeding.
A report on Oliveira Rendeiro’s arrest in Durban: