Australian businessman Matt Joyce has had his conviction overturned by the Dubai Court of Appeal, according to a Fairfax report.
Joyce was jailed for 10 years and fined $25 million after being convicted of a fraud against the Australian property developer Sunland and the emirate.
Prosecutors also lost their appeal against the acquittal of his co-accused, Marcus Lee.
Both had been cleared of any wrongdoing in a parallel case in Australia, and the Dubai verdict had been raised by former prime minister Julia Gillard as well as Prime Minister Tony Abbott.
The state now has 30 days to lodge an appeal. If the verdict is not challenged within that time, Joyce will be free to come home.
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