Kim 'Dotcom' Schmitz will find out on Wednesday at the latest whether he will be released on bail following Friday's arrest on internet piracy charges.
Judge David McNaughton reserved his decision after hearing argument from the Crown and defence lawyers today.
Dotcom has been remanded in custody until Wednesday morning.
Earlier today, Dotcom's lawyer argued he was unlikely to be a flight risk.
He and three others are facing internet piracy charges after police raided Dotcom's $30 million rented Auckland
mansion.
Their arrests followed a global FBI-led investigation into illegal file
sharing.
Both the Crown and police oppose bail, saying Dotcom poses "a flight risk at
the extreme end of the scale".
Prosecutor Anne Toohey told the court that Dotcom has a history of chartering
private planes, helicopters and yachts, and may still have access to funds.
Ms Toohey also said Dotcom is at risk of reoffending, given how easy it is to
access an internet connection and re-establish the shut down Megaupload
site.
However, Dotcom's lawyer Paul Davison QC denied he posed a flight risk,
saying Dotcom is "not a person who is inherently motivated to disappear".
Mr Davison said Dotcom's funds have been frozen and his passports seized.
He also told the court that Dotcom's arrest was unnecessarily
aggressive and caused shock and anxiety among members of the household.
Prosecutors also revealed that the shotgun found when police raided Dotcom's mansion on Friday was loaded.
Dotcom's defence lawyers countered by saying it was loaded with a rubber bullet, but Ms Toohey retorted that it was also loaded with buckshot.
The weapon in question was modified according to a police arms officer who had seen it.
"It couldn't be cut off any further back because of the position of the magazine," she said. For Dotcom to have a licence for such a weapon it would need a New Zealand permit. The officer thought it unlikely that would happen.
The gun was found in a safe not far from where Dotcom was arrested by police.
Dotcom is a German national with New Zealand residency.
The three others facing charges are Megaupload's chief marketing officer Finn
Batato, 38, chief technical officer and co-founder Mathias Ortmann, 40, both
from Germany, and Dutch national Bram van der Kolk, 29, who is also a New
Zealand resident.
The FBI is working to extradite all four to the United States.
3 News / NZN