The 63-year-old, who was arrested last Thursday in a police raid at night on his home, was initially due in court on Monday, but did not appear and his lawyers made an urgent application to the high court for his release.

Zimbabwean law allows the police to hold suspects for not more than 48 hours before bringing them to court.

"High court judge Samuel Kudya ordered that he be released from police custody," George Chikumbirike, van Hoogstraten's main defence lawyer, told reporters.

"If they want to proceed with the case, they can do so by way of summoning him to court."

Van Hoogstraten has been charged with levying rentals on his properties in foreign currency, contrary to Zimbabwean law.

The businessman has denied any wrongdoing and also said he had not fallen out with President Robert Mugabe's government over his arrest.

Van Hoogstraten owns about 200 residential and business properties in Zimbabwe.