Last month Mr Van Ryn, the Chief Executive Officer of the cheese company for 14 years, pleaded guilty to 12 child sex offences related to attacks on six boys aged eight to 16 at Tathra on the South Coast between 2006 and 2014.

In a decision that brought an angry reaction from some in the community, Bega Local Magistrate Doug Dick then granted the 59-year-old bail under strict conditions.

NSW Attorney General Brad Hazzard intervened, asking for a review of the decision and on Thursday the matter returned to Sydney's Downing Centre District Court for a review hearing.

The Crown argued there was an unacceptable risk Mr van Ryn would flee if allowed to remain on bail, asserting that he had considerable wealth and a property in Thailand – a country with which Australia does not have an extradition treaty.

Crown Prosecutor John Bowers said there was evidence from one of Mr van Ryn's victims that the 59 year old had confessed to "interfering with a young boy in that country".

Mr Bowers also argued that Mr van Ryn represented an unacceptable risk to the community, stating that, after being charged earlier this year,  Mr van Ryn molested a teenage boy who had previously been a victim of his attacks.

He said the offence had involved Mr van Ryn "kissing" the teenager and had "occurred in the context of the previous incident involving the same boy, and in the context of 10 years of offending".

However, counsel for the defence, Steven Hodges, said his client was undertaking regular treatment to address his paedophilic urges.

The court was told  this took the form of "chemical castration" – dosing a patient with chemicals to dramatically reduce their libido.

In relation to the risk of flight, Mr Hodges said that as someone outside the "criminal milieux" his client had no means of organising illegal flights out of the country, nor did he have sufficient funds at his disposal to do so.

Despite evidence that Mr van Ryn was receiving payment of $15,000 monthly, Mr Hodges said "There's no cash…and his bank accounts are overdrawn."

He said the man would agree to wear an electronic monitoring bracelet and to be under "virtual house arrest" at a unit in the Bega Valley.

His mother had agreed to put up a $200,000 surety, while his wife had agreed to put up $500,000.

Acting Judge Rodney Madgwick appeared to accept that these conditions would mitigate the flight risk, which he described as "the key sticking point" in the case.

"There's no suggestion that, other than the offending, he hasn't been a model citizen," Judge Madgwick said.

"[The prospect] of people being very much reduced in their circumstances [as a result of losing the surety] would cause such a man to stand and face his punishment.

"If the bracelet system can be made to work, and the sureties, then I think those conditions would satisfactorily mitigate the risks that he would flee."

The matter will return to court on Friday and will then be adjourned till early next week when the defence will need to demonstrate that electronic monitoring arrangements can be implemented on the south coast.

Judge Madgwick is then expected to make a decision on bail.