UPDATED 10.58am: A Kiwi fugitive has appeared in a Sydney court today, after being arrested on a stolen boat last night.

Paul James Bennett, 52, has been on the run with his partner, Simone Anne Wright, for almost a year.

The pair were found on the 'Harlech' in Broken Bay last night - the kauri cutter which has been missing from Opua since the start of the month.

Bennett has been charged with receiving stolen goods, and was refused bail in the Downing Centre District Court this morning.

Ms Wright has been released, pending further inquiries.

Bennett and Wright were last spotted in Nelson in June last year, and just last week, police said they had no idea where the pair were.

It's alleged they stole the yacht from Opua and fled the country.

The couple are wanted in New Zealand in connection with a hundreds of thousands of dollars worth of fraud, and a sex attack on a teenage girl in the late 2000s.

Kiwi university student Felix Fielding was the one who spotted the 'Harlech' in Broken Bay last night.

He says he recognised it straight away.

"I was pretty sure I'd seen that yacht before. Went online, checked it out, and there it was. Came up as stolen."

Felix Fielding says he phones New South Wales Police.

"They got in contact with New Zealand Police, and they organised it from the command centre in Auckland."

Meanwhile the Northland couple caught up in the tale of the two runaways are trying to work out what the next step is.

Steve and Carol Holland own the 'Harlech'.

Carol Holland says they've let their insurer know it's been found, but have no idea what happens next.

"Obviously it's been damaged, and we don't know what sort of condition it's in at this stage."

Carol Holland says it's clear the disappearance of the boat was well-planned.

"They've timed it so that they've got a good weather window to sail out of New Zealand, because you can't always go.

"It depends on the weather pattern."

And the capture of the pair has brought sweet relief for a businessman.

Mike Jacomb - who claims he was defrauded by Bennett to the tune of hundreds of thousands of dollars - is now turning his attention to the justice system.

"There'd better not be any bail for this guy. This guy is a serial offender, with a history of deluding people for many, many years."

Mr Jacomb had offered a $50,000 reward for their capture, and he now needs to figure out who that will go to.

"Let's see what unfolds there. Let's find out which yachties helped come about with some information which brought it all together."