Ivica Todoric's lawyers said after a court hearing Thursday that they asked for bail but judges ruled there was a chance the 67-year-old would flee again.
Todoric is accused in Croatia of mismanaging the Agrokor company and embezzling millions. He rejects the charges.
He was arrested in London a year ago under a European arrest warrant. A British court rejected his appeal last month and sent him back to Croatia on Wednesday.
Agrokor accounts for 15 percent of Croatia's GDP. The company collapsed under the weight of 6 billion euros in debt ($7 billion) and was put into state administration over a year ago.
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