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Asil Nadir trial: Polly Peck tycoon fled UK 'a broken man' | |
(about 2 hours later) | |
Polly Peck tycoon Asil Nadir was a "broken man" who had no hope of a fair trial when he left the UK in 1993, he has told the Old Bailey. | |
Mr Nadir, 71, is accused of stealing nearly £150m from his Polly Peck empire but denies all charges. | Mr Nadir, 71, is accused of stealing nearly £150m from his Polly Peck empire but denies all charges. |
He denied he fled to northern Cyprus because he was guilty of fraud which he was being prosecuted for. He returned in August 2010 to face the charges. | |
Mr Nadir said the firm was put it into administration despite his protests. | |
'Financial arrangement' | |
Mr Nadir denied that the company, Polly Peck International (PPI), had been insolvent. | |
He told the court: "I think it had a tremendous future and this attitude was shared by the top brokers and investors in this country and worldwide. | He told the court: "I think it had a tremendous future and this attitude was shared by the top brokers and investors in this country and worldwide. |
"Finance was available from Turkey. The amount discussed was £70m to obtain a standstill. | "Finance was available from Turkey. The amount discussed was £70m to obtain a standstill. |
"The finance was from three top Turkish banks on the instigation of the president of Turkey. It was a committed financial arrangement." | "The finance was from three top Turkish banks on the instigation of the president of Turkey. It was a committed financial arrangement." |
Answering questions from his lawyer, Philip Hackett QC, Mr Nadir said he began his business life as a six-year-old selling newspapers in a small town in Cyprus. | Answering questions from his lawyer, Philip Hackett QC, Mr Nadir said he began his business life as a six-year-old selling newspapers in a small town in Cyprus. |
He later came to England and in 1980 acquired Polly Peck, a small textile company with a turnover of £2m a year. He turned it into a conglomerate worth £2bn. | He later came to England and in 1980 acquired Polly Peck, a small textile company with a turnover of £2m a year. He turned it into a conglomerate worth £2bn. |
Mr Nadir gave evidence as the defence case opened, five months after the trial started. | Mr Nadir gave evidence as the defence case opened, five months after the trial started. |
Documents taken | Documents taken |
Mr Hackett asked Mr Nadir about an allegation which emerged in November 1992 that he had been involved in a conspiracy to bribe the original trial judge, Sir Richard Tucker. | Mr Hackett asked Mr Nadir about an allegation which emerged in November 1992 that he had been involved in a conspiracy to bribe the original trial judge, Sir Richard Tucker. |
The barrister read out a transcript of a pre-trial hearing when it was alleged Mr Nadir had conspired with Met Police Assistant Commissioner Wyn Jones and another man to bribe Judge Tucker. | The barrister read out a transcript of a pre-trial hearing when it was alleged Mr Nadir had conspired with Met Police Assistant Commissioner Wyn Jones and another man to bribe Judge Tucker. |
Mr Nadir denied there was any such conspiracy and said he was devastated by the allegation. The Crown Prosecution Service said there was no credible evidence to support the claim. | |
He said his home was raided in April 1993 and all his legal documents were taken away. | He said his home was raided in April 1993 and all his legal documents were taken away. |
In court, on 20 April 1993 he urged Judge Tucker to help him get the documents back. But Mr Nadir said the judge told him he was powerless to assist. | In court, on 20 April 1993 he urged Judge Tucker to help him get the documents back. But Mr Nadir said the judge told him he was powerless to assist. |
He told the court he was "a totally broken man" when he left the UK months before being prosecuted for fraud in 1993. | |
"My health was in tatters, my hope of a fair trial was in tatters, I had zero hope of receiving a fair trial," he said. | |
Two weeks later he flew to Turkish-occupied northern Cyprus. | |
Administration debts | Administration debts |
Mr Nadir returned to the UK in August 2010 to face the charges. | Mr Nadir returned to the UK in August 2010 to face the charges. |
He was asked whether he had stolen money from Polly Peck - was he guilty or not guilty? "Not guilty" he said. | He was asked whether he had stolen money from Polly Peck - was he guilty or not guilty? "Not guilty" he said. |
Mr Nadir's case is that the pounds he took out of the company were covered by Turkish lira from investors and his family. | Mr Nadir's case is that the pounds he took out of the company were covered by Turkish lira from investors and his family. |
He said Turkish investors benefited because they were putting money into a company rooted in the hard currencies of the UK and US. | He said Turkish investors benefited because they were putting money into a company rooted in the hard currencies of the UK and US. |
Asked by his barrister if he disputed the movement of funds to a subsidiary company in northern Cyprus, Unipac, Mr Nadir replied: "Not at all." | Asked by his barrister if he disputed the movement of funds to a subsidiary company in northern Cyprus, Unipac, Mr Nadir replied: "Not at all." |
He said this was to get better exchange rates to boost the company's expanding business interests abroad. | He said this was to get better exchange rates to boost the company's expanding business interests abroad. |
The prosecution alleges that Mr Nadir stole nearly £150m from his business empire for himself, his family and friends, through a complex series of transactions, including to a bank he owned in northern Cyprus. | The prosecution alleges that Mr Nadir stole nearly £150m from his business empire for himself, his family and friends, through a complex series of transactions, including to a bank he owned in northern Cyprus. |
The jury was told that Mr Nadir, of Mayfair, central London, had abused his position as chairman and chief executive of PPI to steal from the company. | The jury was told that Mr Nadir, of Mayfair, central London, had abused his position as chairman and chief executive of PPI to steal from the company. |
Polly Peck International was put into administration with debts of £550m in 1990. Mr Nadir denies 13 specimen counts of theft amounting to £34m between 1987 and 1990. | Polly Peck International was put into administration with debts of £550m in 1990. Mr Nadir denies 13 specimen counts of theft amounting to £34m between 1987 and 1990. |