The former solicitor Michael Lynn has been denied bail in Brazil, having failed to argue that his Irish-issued arrest warrant is invalid there.
Mr Lynn, a fugitive, is currently fighting extradition to Ireland where it is understood he faces multiple charges relating to the collapse of his property business. He fled the jurisdiction in 2007.
Now in custody awaiting a ruling on whether he will be deported, Mr Lynn was this week refused an application for bail and faces months in prison. He was arrested by Brazilian police last August.
In a decision by the country's supreme court, Judge Marco Aurelio rejected his lawyers' attempts to free him while a decision on his potential extradition is made.
His legal team had highlighted the “regularity” of his situation in Brazil, including his “fixed residence, lawful work, and stable family life”.
They denied he had fled Ireland and suggested he surrender his passport and report regularly to the judicial authorities as an assurance against his absconding.
“He has lived outside Ireland for many years and, since 2008, has been at the disposal of the Irish authorities, without any intention to evade law enforcement,” the bail application stated.
However, the judge rejected the application, including its claim that Ireland’s arrest warrant was not valid under Brazilian law. Its supreme court is still considering Ireland’s extradition request.