This week the NSW Court of Appeal ruled the commission could not freeze the accounts on the grounds that the Australian Federal Police agent who arrested Agius in Perth last April did not provide enough information about Agius's alleged criminal activities.

But the Herald has learnt the commission has since obtained restraining orders under different legislation enabling the accounts to remain frozen.

Agius was arrested by a federal agent, Arthur Moerman, and charged with conspiracy to defraud and money laundering. In May the commission obtained an order in the NSW Supreme Court freezing assets in 48 New Zealand bank accounts, one Australian bank account and two share-trading accounts.

In an affidavit Mr Moerman alleged the accounts contained the proceeds of a tax avoidance scheme promoted by Agius, who was the director of the accountancy firm PKF Vanuatu.

Mr Moerman explained that the scheme operated by an Australian company remitting money to a bank account in New Zealand claiming it is was for consultancy or management fees, which did not exist. The money was then transferred to other New Zealand accounts before being sent back to Australia.

The joint investigation by the AFP and the Australian Tax Office estimated that since September 2000, $100 million had been moved through accounts operated by PKF Vanuatu.

"The primary purpose of the scheme is to evade Australian income tax," the affidavit said. "Agius was arrested and charged following a joint task force investigation between the AFP and the ATO into an overseas money-laundering scheme. Agius is the promoter."

The Court of Appeal said this was not enough information. "No basis for Mr Moerman's knowledge is given," Justice James Allsop said.