FORMER millionaire businessman Chandru Mirchandani, who has been in custody since 1985 for a multi-million dollar fraud, has been freed after a three-day hearing before the Court of Appeal.
Most of the missing money remains unaccounted for.
Mr Mirchandani, 55, was arrested and extradited from Alaska to face the fraud charges, and was sentenced in June 1990 to 81/2 years' jail.
With remissions and taking into account the time spent in custody before sentencing, he had completed the term.
Last October he began serving an extra three years for failing to pay a $30 million fine.
On Thursday, the court, while holding that the 81/2-year term was a proper one, took into account his time in custody and reduced the total penalty to one which would enable his immediate release.
However, the court, comprising Chief Justice Sir Ti Liang Yang, Vice-President Mr Justice Macdougall and Mr Justice Mortimer, dismissed his appeal against conviction and will give the reasons at a later date.
