Cambodia's Supreme Court on Friday ruled that Russian ex-billionaire Sergei Polonsky, who is wanted in his homeland for embezzlement, would not be extradited.

"Cambodia and Russia do not have an extradition treaty, so Cambodia cannot send Polonsky back to Russia," said the verdict read by Judge Kim Sothavy.

Polonsky, 41, was charged in absentia in July 2012 as part of a criminal case involving the embezzlement of over 175 million US dollars from the participants in an up-market cooperative residential construction project in central Moscow.

Cambodian authorities arrested him in November last year at a Russia's request, but released on bail in January this year.

Ben Sun Samai, Polonsky's lawyer, told reporters after the top court's decision Friday that the verdict was acceptable and gave just to his client.

Polonsky was ranked Russia's fortieth richest man in 2008 with a fortune of 4.35 billion US dollars by Forbes magazine. Polonsky headed Mirax Group, a large property development company that went bankrupt during the global economic crisis.

On New Year's Eve in 2012, he, along with two friends, locked up the crew of a yacht during a cruise off Cambodia's southern coast and then forced the sailors to jump overboard into Cambodia's sea. He was detained for more than three months for the accusations of violence against Cambodian sailors before released on bail.