Prosecutors in the corruption case against Michael Misick, have refused assets offered by former Premier Gilmo Williams to secure bail.
Misick, also a former premier, has been at Her Majesty's Prison in Grand Turk, since he was extradited from Brazil on Tuesday morning.
Michael Misick has been charged with corruption and conspiracy to bribe.
Prosecutors in the case against the former premier are demanding US2 million in cash, and US$8 million worth of assets before he can be released on bail.
However, last night prosecutor Helen Garlick would not accept the commercial buildings and land offered by another former premier Gilmo Williams on behalf of Misick.
The prosecutor refused the offer on the grounds that Williams is a former Premier.
Misick is being represented by 12 defense lawyers.
The high-powered team includes Oliver Smith and Ariel Misick.
A media release from the Governor's office says if Misick meets the bail conditions before next Monday, January 13, he could be released.
According to the release, in due course an application will be made to add Misick's case to the information against his co-accused, who are scheduled to face trial in the Supreme Court from July 7, 2014.
Misick was arrested in December 2012 by Brazilian Federal Police acting on a provisional arrest warrant.
The arrest was sought by the TCI Special Investigation and Prosecution Team, who submitted formal extradition papers in January 2013.
There are 11 other defendants who face plea and direction hearings in the TCI Supreme Court on related charges.
They are: Floyd Hall, McAllister Hanchell, Lillian Boyce, Jeffrey Hall, Clayton Greene, Thomas Misick, Lisa Hall, Melbourne Wilson, Quinton Hall, Earlson Robinson and Norman Saunders Jnr.
They are scheduled to face trial on July 7.
Co-charged developer Richard Padgett has already pleaded guilty to bribery and conspiracy to pervert the course of justice and will be sentenced on March 31.
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