Asil Nadir, founder of Polly Peck International, has been offered bail on condition he returns to the UK to stand trial over allegations of fraud.
Mr Nadir is thought to have fled to Cyprus in 1993 after his business empire fell apart following fraud allegations of £34 million.
The business man, who was a Conservative Party donor before he left the UK, was not forced to leave the island due to the lack of extradition treaty in place.
He did appear in court during 1992 but an arrest warrant was not valid as he had not surrendered to bail.
Justice Bean, a judge at the Old Bailey, who was quoted by the Guardian, said: “Mr Nadir has indicated a wish to return to this jurisdiction to stand his trial.
“I think it is desirable that the legal limbo as to Mr Nadir's bail status be brought to an end and he be given the opportunity to show he does intend now to submit to the jurisdiction of this court."
The business man’s legal team told the judge that he would now be willing to face trial as long as bail would be forthcoming.
According to the Serious Fraud Office, Mr Nadir still faces 66 counts of fraud.
By Jim Ottewill