Tycoon Nicholas Hoogstraten could be free in weeks after having his conviction for the unlawful killing of an associate quashed in the High Court.

Mr Hoogstraten, 58, who has spent 17 months in prison, remained silent in the dock as Lord Justice Rose overturned his manslaughter conviction last night.

He had appeared gaunt and drawn during the day-long hearing and listened attentively with his head in his hands as the judge summed up.

He brightened up at the decision and blew two kisses to supporters in the public gallery, who included two former lovers, before being led back to the cells.

The judge ordered a retrial for the millionaire businessman who, a year and a day earlier, was found guilty of playing a part in the death of Mohammed Sabir Raja in July 1999.

He was sentenced to ten years in prison.

Lord Justice Rose said: "There is no alternative but to allow this appeal and to quash the appellant's conviction."

He said a new indictment should be served in 28 days and Mr Hoogstraten should be re-arraigned in court within two months.

A court order was imposed preventing further details of yesterday's hearing being released before the new trial.

Mr Raja's family were too upset to comment last night but, outside the court, Mr Hoogstraten's legal adviser, Giovanni Di Stefano, made a brief statement to reporters.

He said: "As you are all aware, the appeal of Mr Hoogstraten was heard before Lord Justice Rose and that appeal was successful.

"The Court of Appeal ordered a retrial and that retrial will take place in a court deemed appropriate.

"There is a Contempt of Court order in place and therefore we cannot make any further comment other than the simple fact that this has been successful."

Mr Hoogstraten was remanded in custody, so will return to HMP Belmarsh in South-East London, pending a retrial, which is unlikely to take place before next year.

He was awarded his legal costs.

Two other men, Robert Knapp and David Croke, were convicted of murder in the same trial as Mr Hoogstraten last year. Both are considering appeals.