The 10-year jail term handed down to businessman Giorgos Petzetakis, owner of the Petzetakis Group, which manufactures plastic pipe and hose systems, has been suspended.
Petzetakis was sentenced last month over debts of some 4 million euros to the state.
The businessman asked for the sentence to be suspended to allow him to conclude an agreement with an investor that would safeguard the jobs of his 300 employees and would leave him in a position to pay his debts.
The court accepted his appeal and granted the businessman conditional release.
He has to appear at a police station once a month.