HANOI, January 14. /ITAR-TASS/. Business tycoon Sergei Polonsky, whom Cambodian court released from custody on Monday, stated that he intends to implement a major development project in Cambodia, the minimal cost of which can be estimated at around $800 million, The Cambodia Daily reported on Tuesday. The daily reported that the businessman can hold a presentation of the project within next two months.

Polonsky, who is seeking Cambodian citizenship, has already stated earlier that he is prepared to invest around one billion dollars in economy of the kingdom, if the Cambodian authorities permit him to stay in the country. He plans to develop eight islands, which are situated off the coast of the Cambodian sea resort of Sihanoukville, where the businessman lived before the detention in December 2012 on accusation of attack on local sailors. It was claimed at first that Polonsky had allegedly bought these islands. Later it was found that the developer is not an owner of the islands and just paid the duty for the processing of documents, which are needed for launching an investment project, to local authorities.

On Monday, the court of appeals ruled to release Polonsky from custody, though Russia insists on his extradition. However, the court ruling does not mean Cambodia’s refusal from extradition of the businessman to Russia. A local source familiarized with the Polonsky affair told Itar-Tass the court had delayed the issue of extradition of the business tycoon to Russia for a later date, because it had not received the documents required for this from Russia. “The court verdict just envisages change of a measure of restraint in the criminal case over attack on sailors,” the source said.