Former Bosasa COO, Angelo Agrizzi is expected to appeal the denial of bail at the High Court in Johannesburg.
Agrizzi was denied bail in the Commercial Crimes Court two weeks ago.
After spending a night in prison he was rushed to the Chris Hani Baragwanath Hospital after struggling to breathe.
He has since been moved to an undisclosed private hospital.
Agrizzi is facing fraud and corruption charges.