Man accused of stealing Best Actress Oscar statue won by Frances McDormand during ceremony appears in court

The man accused of stealing the Oscar statue won by Frances McDormand, has pleaded not guilty to theft at a court in Los Angeles.

Terry Bryant, 47, was arrested on Sunday night after actress McDormand's award went missing briefly at the lavish Governors Ball party in Hollywood, where Academy Award winners have their statuettes engraved.

In a video posted by Bryant, he is seen in a tuxedo at the event holding an Oscar statuette and telling other guests he was a winner. He then kissed the statue. It is not clear in what capacity he was attending the event, but police said he had a ticket.

Following his arrest, Bryant was in police custody on a grand theft charge and was being held on $20,000 bond. After Wednesday's court arraignment, Bryant was released without bail after the judge ruled that he did not pose a flight risk. He is due back in court later this month.

Frances McDormand

The Oscar has been retrieved from Bryant and later returned to McDormand.

Watch the video below.