Cambodia's Appeals Court on Monday decided to release former Russian billionaire Sergei Polonsky, 40, and suspended his extradition to Russia after a two- month detention, a lawyer confirmed.

"The court decided to free my client Sergei Polonsky and suspend his extradition to Russia," Ben Sun Samai, Polonsky's lawyer, told reporters after the court's decision.

He said the court has not found anything necessary in Polonsky' s case to consider his extradition to Russia and importantly, Polonsky has another case in Cambodia, pending the court's hearing.

The Appeals Court's Presiding Judge Seng Sivuthy declined to comment on the court's decision.

Cambodian authorities arrested Polonsky on Nov. 11 in Preah Sihanouk province at a Russian request. Polonsky was charged in absentia in July 2012 as part of a criminal case involving the embezzlement of over 175 million U.S. dollars from the participants in an up-market cooperative residential construction project in central Moscow.

In 2008, Polonsky was ranked Russia's fortieth richest man with a fortune of 4.35 billion U.S. dollars by Forbes magazine. Polonsky headed Mirax Group, a large property development company that went bankrupt during the global economic crisis.

On New Year's Eve in 2012, Polonsky, along with two friends, locked up the crew of a yacht and then forced the sailors to jump overboard into Cambodia's sea. He was detained for more than three months for the accusations of violence against Cambodian sailors, but was released on bail. Endi

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