Multi-millionaire oil tycoon John Deuss is unlikely to be released from custody before Christmas, according to reports in his home country.

The businessman was arrested and remanded in October after he was voluntarily extradited to Holland from Bermuda for questioning about an international tax scam known as carousel fraud.

A judge ordered at the start of November that he be kept behind bars for 90 days to allow prosecutors to quiz him about his Caribbean-based First Cura?ao International Bank (FCIB), which is the largest shareholder in Bermuda Commercial Bank.

Mr. Deuss? Dutch lawyer Jan Sj?crona told the newspaper in the Netherlands that another court hearing concerning bail was due to take place on December 28.

Mr. Sj?crona said his client had not been interrogated for over a month, although the investigation by the Dutch Fiscal Prosecution department continued.

It centres on a swindle which robs European governments of billions of dollars each year. Fraudulent traders are suspected of having stashed hundreds of millions of dollars in illegal tax gains in accounts at FCIB.

A warrant issued for Mr. Deuss? arrest listed allegations of money laundering, handling stolen property and being in charge of a criminal organisation.

The 64-year-old, who has an office in Flatts and has lived on the Island for 30 years, denies any wrongdoing.