Teder will remain under electronic surveillance.

Teder said after being released from custody that he didn't bribe anybody.

"Me and Kersti Kracht are two retired entrepreuners. In that sense, nothing ties us other than the fact that we are in the same community, family friends. We go on walks together discuss everything," Teder said.

He said he had never tried to solve Kracht's financial issues and had not reached agreements with either Kracht or Mikhail Korb.

"The life of an entrepreneur is definitely much more difficult. Although I haven't been in business for three and a half years now, I've retired. So for me, this pace of life didn't change here," Teder said about his time in prison.

On January 12, Teder, former Minister of Finance's advisor Kersti Kracht and the Center Party's chief-secretary Mihhail Korb were all arrested on suspicion of a possible corruption case regarding Tallinn's real estate project Porto Franco.

Teder, Korb and the Center Party are suspected of influence peddling. According to the charges, Teder, donated €1 million to the Center Party before the local government elections. In return, Korb, organized the right to build a car park on land owned by Tallinn.

Teder is suspected of agreeing to bribe Kracht by using her position as the finance minister's adviser to secure favorable decisions for Porto Franco in the use of Kredex's crisis relief measures.

--

Follow ERR News on Facebook and Twitter and never miss an update!