Thursday, August 23, 2012

Nadir Jailed For 10 Years Over £28m Theft

Ex-fugitive tycoon Asil Nadir has been jailed for 10 years for stealing millions of pounds from his Polly Peck business empire.

The firm, which was one of the most successful companies of its time, collapsed owing £550m in 1990 and Nadir went on the run for 17 years.

He returned to Britain in 2010 confident he would be cleared but an Old Bailey jury this week found him guilty of stealing £28.6m, the equivalent of £61.8m today.

Nadir, 71, of Mayfair, central London, was sentenced at the Old Bailey for 10 charges of theft between 1987 and 1990.

Judge Mr Justice Holroyde told Nadir: "You were a wealthy man, you stole out of greed."

Following the collapse of Polly Peck International (PPI), Nadir was charged with theft but fled to the Turkish Republic of Northern Cyprus to avoid trial in May 1993.

Nadir returned voluntarily to the UK in August 2010 vowing to clear his name.

He blamed the Serious Fraud Office (SFO) for orchestrating his downfall and said he fled because he was a broken man. Read More