A Namibian court on Tuesday granted bail to Fugitive businessman Jacob "Kobi" Alexander, accused in the United States of financial transgressions .

Alexander, the former chief executive of voicemail-software maker Comverse Technology Inc., was arrested on September 26 in the Namibian capital Windhoek at the request of the FBI after at two-month manhunt.

Alexander's lawyer, Richard Metcalfe, said Alexander was granted bail of about $1.3 million on condition that he hands in his passport. He is not allowed to leave the district of Windhoek and has to report to an Interpol inspector twice a week, on every Monday and Friday.

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"We are extremely pleased," Metcalfe said.

The decision was a blow to the Namibian government, which had opposed bail on the request of the U.S., arguing Alexander could flee the country before a U.S. extradition request reached Namibian authorities.

Namibia's State Prosecutor Olivia Imalwa, who has received the report on the bail verdict, will now have to decide whether to appeal the court's decision.

"Magistrate Uatjo Uanivi found that the evidence presented for denying him bail were not convincing at all," Metcalfe said, adding that, "There was no reason to believe he would not be willing to stay in Namibia pending extradition."

The U.S. has 30 days to lodge an extradition request from the date of Alexander's arrest. Only then will a formal hearing be held. U.S. Attorney Roslynn Mauskopf said last week she would seek Alexander's swift extradition to face charges in federal court in Brooklyn.

Alexander only briefly referred to "the highly technical charges" against him during the first day of his bail hearing Monday and said he intends to plead not guilty.

In his affidavit filed with the court, Alexander, 54, an Israeli citizen, said he had been living in Namibia with his wife and three children since July and had transferred almost $16 million from Israel to Namibian commercial banks.

"While in Namibia I have used my own name openly and publicly in all my encounters and ventures with government officials and private individuals alike," Alexander said.

"I entered Namibia openly and lawfully, and I have not in any manner tried to hide my whereabouts from anyone," he added.

Alexander, who has a two-year permit to live and work in Namibia, purchased a $500,000 house on the Windhoek Country Club Estate. His children attend the city's international school.

According to his statement he has invested a further $1.5 million in various business ventures in Namibia with local partners. He has purchased a number of properties and plans various low-cost housing developments.

Authorities began hunting for Alexander in late July shortly before a criminal complaint was unsealed accusing him and two other former top executives of fraud.

Before he disappeared, Alexander allegedly transferred $57 million to Israel.