The 29-year-old was murdered on April 21 after she was kidnapped outside her Port Elizabeth home. Her body was found dumped later in KwaNobuhle, outside Uitenhage.
The State alleges that Panyiotou told Thando Siyoli, a bouncer at his club, to organise the hit on his wife.
His lawyers will appeal the Port Elizabeth magistrate’s court ruling that he remain behind bars.
Beeton found that Panayiotou is in debt, and that he’d been dishonest about having applied for a Cypriot passport.
She’s found him to be a flight risk, who faces a strong case from the State that he planned his wife’s murder for months, before allegedly paying R70,000 to have her shot.
Panayiotou’s defence team will on Monday argue in the Eastern Cape High Court that Beeton was wrong in refusing him bail, and relied on untested claims by the state to make her decision.
Panayiotou told the Port Elizabeth magistrate’s court that he’d been involved in a relationship with his mistress for three years — starting the affair a year before he married his wife, Jayde.
He insisted he loved Jayde and had no motive to kill her.
He strongly denied the State’s claim that he’s in financial trouble, portraying himself as a successful businessman with strong family links in PE.