Former Bosasa COO, Angelo Agrizzi, has been moved to an undisclosed private hospital.
Agrizzi is said to be on a ventilator in the intensive care unit.
Agrizzi was admitted to a government hospital on Thursday, after spending one night in prison.
It is understood that that his family and doctor requested the move as they are concerned that his health is deteriorating.
Agrizzi faces corruption and fraud charges.
He failed in his bid to secure bail last Wednesday.