Michael Swann, the convicted fraudster who still owes New Zealand millions of dollars after defrauding the Otago District Health Board of $16.9 million, is going to be released from prison soon. The Parole Board announced Tuesday that the 51-year-old swindler will be released at the end of July and will work in Christchurch.

He will remain on parole until May 2018 and will still be subject to special conditions for six months thereafter. He will have spent four years and eight months in jail by the time he gets released on July 31.

He was sentenced to nine years and six months imprisonment, including the 110 days he was reprimanded in custody before his sentencing.

According to the Parole Board, Mr Swann displayed good behaviour in prison, not counting "minor misconduct" when he used a phone in 2011. He has been in a self-care villa within the prison for the past nine months.

It explained that the convict was not likely to reoffend. And although it did not think he needs intervention programmes or one-on-one psychological treatments, he should still be banned from handling other people's money and managing commercial businesses.

"He is not to be involved, directly or indirectly, in the oversight or management of any business enterprise and is not to be involved in the handling of other persons' money or invoices relating to any business or commercial enterprise."

He is subject to a pecuniary order of $6 million, but he "accepted in the interview that he will be unlikely to ever repay that sum in full."

Mr Swann hit the headlines in 2009 after he and his associate, Kerry Harford, were found guilty of defrauding the Otago DHB millions by issuing invoices for bogus computer services. He spent almost $11.6 million of his scammed wealth on properties, holidays, and luxury cars.

He was serving as the health board's Information Technology manager when he committed the crime.

About $2.4 million has already been recovered from Swann from the sale of his properties, but the direct cost of his prosecution and the seizing of his assets reached about $1.24 million.

Swann is expected to work for a health company in Christchurch once he gets released, and will reportedly live in a property worth about $1.35 million.

According to The Press, he will stay at Alasdair Cassels' Governors Bay property that boasts of an indoor pool and harbour views.

Mr Cassels, a director and majority shareholder of Cassels and Sons Brewery, confirmed that Swann will be living with his family, but said that it's only for a short time.

Former ODHB chairman Richard Thomson, who was in position for part of the time when Swann ripped off the board, was disappointed with the news of Swann's impending release, though he was not surprised. He said that Swann remained unrepentant of his actions, only regretting that he got caught.

Swann was said to have caused the board ongoing legal costs but that could have prevented the extra expense "with a signature and at no cost to himself."

"I believe he's done that deliberately, and I find it extraordinary that parole board has either not sought to establish whether he has cooperated in any way, or that the parole board has not considered his failure to do so indicative of his lack of remorse," Mr Thomson was quoted by the Otago Daily Times as saying.

"The primary issue is whether this man cooperated to put right what he did that was wrong and I know, but I am not at liberty to detail, that he has failed to do so.

"That to me is indicative of both his personality and of his complete absence of remorse."