Philip Ellgishaw has been released from jail where he had been held for two months, reports newspaper Jersey Evening Post.
A judge in Milan reportedly ruled that prosecutors had run out of time to charge him with fraud and money laundering linked to setting up a A$300m (£185m, $238m, €202m) tax evasion network in Australia.
Egglishaw’s lawyers successfully argued that, as the charges against him date back to 2005, Italian law only allows seven-and-a-half years to charge someone with fraud and 10 years for money laundering.
Red notice
Egglishaw was arrested on 3 May 2017 by Italian authorities “pursuant to an Interpol red notice issued by the Australian authorities”, a statement from Australia’s Attorney-General Department read at the time.
An international warrant was first issued for Egglishaw’s arrest in 2008 followed by a second in 2013.
He was picked up by Italian police after travelling from his home in Switzerland to a hotel in Italy.
Under the Schengen agreement, people can travel freely across Europe without having to present a passport or other form of identification. However, in accordance with Italian law, hotels must forward their guests’ passport details to the police each night.
Egglishaw was arrested the morning after he checked in.
Operation Wickenby
He first came to the attention of the Australian authorities in 2004 when Federal Police seized his laptop following claims that he had lured prominent Australians into tax evasion schemes.
The laptop provided details of his Australian clients, tax haven transactions and offshore trusts.
Victims include Hogan, who claims that Egglishaw fled with $34m of the actor’s money that he held in an account in Switzerland.
In 2006, the Australian Tax Office (ATO), the Australian Crime Commission (ACC) and the Federal Police launched a joint investigation called Operation Wickenby.
