Hong Kong (CNN Business) Ousted Nissan chief Carlos Ghosn has been released from jail in Japan, less than a month after he was re-arrested on new charges.

A Tokyo district court announced earlier Thursday that Ghosn was granted bail at 500 million yen ($4.5 million). Prosecutors had tried to reverse the decision, but their appeal was rejected by the court.

Nissan NSANF Renault RNLSY Ghosn's release is the latest development in a legal saga that has seen the former chairman ofandarrested multiple times and twice jailed.

He had previously been released on bail in early March after spending 108 days in custody.

The auto executive was re-arrested at the beginning of April on new charges of financial misconduct. Prosecutors accuse him of funneling $5 million of Nissan's money to a car dealership he controlled.

Read More