Former Bosasa chief operating officer and corruption-accused Angelo Agrizzi was granted bail by the Gauteng High Court in Johannesburg on Friday.
In terms of his bail conditions, Agrizzi has put up his property in Italy, which is estimated to be worth around R16 million, as surety.
Should he abscond, he will forfeit that property.
On 14 October, Agrizzi was denied bail by the Specialised Commercial Crime Court sitting in the Palm Ridge Magistrate's Court. Agrizzi appealed against Magistrate Phillip Venter's ruling.
On Friday, Judge Ratha Mokgoatlheng said the court in Palm Ridge misdirected itself both in fact and law.
"The magistrate did not fulfil his legal obligation in that he did not apply his legal discretion," Mokgoatlheng said.
"The order refusing bail is set aside."
Agrizzi's bail will be revoked if he fails to hand over the original property deed, and furnish the National Prosecuting Authority (NPA) with a signed guarantee secured by the property.
He should also give full and frank disclosure of all foreign assets in his name and that of his wife, Deborah Cindy Agrizzi, including the nature, value, location and, if applicable, account numbers and/or vehicle licence numbers to the NPA.
Mokgoatlheng said Agrizzi should also handover all his passports to the Investigating Directorate before 18:00 on 3 November.
Following the judgment, Agrizzi's lawyer, Daniel Witz, said:
We are very happy, we've had many sleepless nights, a long long week, two weeks since he was incarcerated and we got the results that we set out to achieve
Meanwhile, spokesperson for the Investigating Directorate Sindisiwe Twala said they were "happy" that the court ordered Agrizzi to furnish the State with the title deed of his million-rand Italian home.
Following his previous court appearance, Agrizzi was transferred to a public hospital and then rushed to a private facility after his condition worsened.
On 22 October, News24 reported that the embattled former Bosasa COO had a heart attack during the course of the previous day.