Belgrade Court of Appeal has rejected Bulgaria’s request to extradite Tsvetan Vasilev, majority owner of collapsed Corporate Commercial Bank, or KTB, Sofia-based BNR radio station reported on Wednesday.

The decision returns the case to the lower court, BNR quoted a spokeswoman for Belgrade Court of Appeal as saying.

According to the Appeals Court, the lower court’s decision to extradite Vasilev to Bulgaria on embezzlement charges hasn’t taken into account the rights of the defendant guaranteed by international legal agreements as well as Serbia’s justice system, BNR said.

In addition, the lower court in Belgrade has failed to make sure all conditions for Vasilev’s extradition had been de facto met when it ruled to grant the Bulgarian prosecution request to send him back to Bulgaria.