That bail hearing scheduled for Monday in the MegaUpload conspiracy trial didn't go as well as MU founder Kim Dotcom had hoped. It looks like he's going to remain in custody for a few more weeks.
A New Zealand court today announced that Kim Schmitz, aka Kim Dotcom, the founder of MegaUpload, has been denied bail. He is currently facing extradition back to the USA on internet piracy and money laundering charges to the tune of some £112 million.
Dotcom will now remain in custody until his next hearing on February 22nd. Prosecutors had argued that Dotcom posed "flight risk at the extreme end of the scale" because he was believed to have access to the funds and multiple identities needed to make a run for it, as well as a history of doing so. The other three MegaUpload employees nabbed in Saturday's raid have also contested their incarceration though no decision has yet been reached. [Yahoo]