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Asil Nadir convicted of 10 Polly Peck thefts Asil Nadir convicted of 10 Polly Peck thefts
(40 minutes later)
Former tycoon Asil Nadir has been found guilty of a total of 10 charges involving the theft of millions of pounds from his Polly Peck empire.Former tycoon Asil Nadir has been found guilty of a total of 10 charges involving the theft of millions of pounds from his Polly Peck empire.
An Old Bailey jury convicted Nadir, 71, of 10 thefts from the former conglomerate totalling £29m and cleared him of three charges.An Old Bailey jury convicted Nadir, 71, of 10 thefts from the former conglomerate totalling £29m and cleared him of three charges.
Polly Peck International, once a major UK company, collapsed in 1990 after a Serious Fraud Office investigation.Polly Peck International, once a major UK company, collapsed in 1990 after a Serious Fraud Office investigation.
Sentencing will take place on Thursday but his wife said he planned to appeal.Sentencing will take place on Thursday but his wife said he planned to appeal.
Nadir fled the UK in 1993, while awaiting trial, and remained a fugitive in northern Cyprus until 2010 when he suddenly returned.Nadir fled the UK in 1993, while awaiting trial, and remained a fugitive in northern Cyprus until 2010 when he suddenly returned.
The Turkish-controlled territory is not recognised as a state and has no extradition treaty with the UK.The Turkish-controlled territory is not recognised as a state and has no extradition treaty with the UK.
He was remanded in custody on Monday after the first of his convictions, and is understood to have been held at Belmarsh prison in south east London.
The importance of Asil Nadir's conviction for stealing millions from Polly Peck International cannot be underestimated.The importance of Asil Nadir's conviction for stealing millions from Polly Peck International cannot be underestimated.
The City was rocked by the collapse of PPI - and the manner in which the SFO originally went about the investigation led to it being criticised in Parliament. It's fair to say that the organisation was pretty much humiliated when Nadir fled the country.The City was rocked by the collapse of PPI - and the manner in which the SFO originally went about the investigation led to it being criticised in Parliament. It's fair to say that the organisation was pretty much humiliated when Nadir fled the country.
Given that Nadir stole so much, the question is whether any of it can be recovered?Given that Nadir stole so much, the question is whether any of it can be recovered?
Criminal asset confiscation orders can be very difficult legal battles in their own right because of the steps that white collar criminals take to hide their wealth.Criminal asset confiscation orders can be very difficult legal battles in their own right because of the steps that white collar criminals take to hide their wealth.
Prosecutors could instead seek compensation orders. The trial alone has cost around £10m - but the bill for the entire affair over two decades will be inevitably far higher.Prosecutors could instead seek compensation orders. The trial alone has cost around £10m - but the bill for the entire affair over two decades will be inevitably far higher.
For SFO investigators, it's been a price worth paying to bring to justice a man who had evaded them for so long.For SFO investigators, it's been a price worth paying to bring to justice a man who had evaded them for so long.
In the witness box at his trial he claimed he did not believe he would get a fair trial in the early 1990s but had decided to return to clear his name.In the witness box at his trial he claimed he did not believe he would get a fair trial in the early 1990s but had decided to return to clear his name.
After the verdicts Nadir's 28-year-old wife, Nur, said: "A guilty man does not come back to face justice of his own accord.After the verdicts Nadir's 28-year-old wife, Nur, said: "A guilty man does not come back to face justice of his own accord.
"My husband came back voluntarily. Polly Peck was his life. He wants justice for himself and for the tens of thousands of shareholders and employees."My husband came back voluntarily. Polly Peck was his life. He wants justice for himself and for the tens of thousands of shareholders and employees.
"This unhappy affair is certainly not over yet.""This unhappy affair is certainly not over yet."
Clare Whittaker, from the SFO, welcomed the verdicts and added: "We are pleased that justice has at last been done in this long-running case."Clare Whittaker, from the SFO, welcomed the verdicts and added: "We are pleased that justice has at last been done in this long-running case."
She said the collapse of PPI had been entirely down to Nadir's own behaviour.She said the collapse of PPI had been entirely down to Nadir's own behaviour.
Ms Whittaker also confirmed the case had cost the SFO alone £3m so far.Ms Whittaker also confirmed the case had cost the SFO alone £3m so far.
PPI began as a small fashion company but expanded into the food, leisure and electronics industries under Nadir's ownership, growing into a business empire with more than 200 subsidiaries worldwide.PPI began as a small fashion company but expanded into the food, leisure and electronics industries under Nadir's ownership, growing into a business empire with more than 200 subsidiaries worldwide.
In 1989 PPI bought the fresh fruit giant Del Monte for $875m but a year later his empire fell apart after the SFO were called in.In 1989 PPI bought the fresh fruit giant Del Monte for $875m but a year later his empire fell apart after the SFO were called in.
Stock exchange darlingStock exchange darling
By 1990 it was on the FTSE 100 index and was one of the stock exchange's best performing companies but the share price collapsed after the SFO raided PPI's offices.By 1990 it was on the FTSE 100 index and was one of the stock exchange's best performing companies but the share price collapsed after the SFO raided PPI's offices.
It emerged that the SFO case controller, Lorna Harris, had not fully briefed the then Attorney General Sir Nicholas Lyell QC on the issue, and he had inadvertently misled Parliament as a result.It emerged that the SFO case controller, Lorna Harris, had not fully briefed the then Attorney General Sir Nicholas Lyell QC on the issue, and he had inadvertently misled Parliament as a result.
Michael Mates MP, then a Conservative minister and friend of the businessman - who was also a Tory donor - attacked the SFO's handling of the case in an extraordinary speech in the Commons.Michael Mates MP, then a Conservative minister and friend of the businessman - who was also a Tory donor - attacked the SFO's handling of the case in an extraordinary speech in the Commons.
He quit after it emerged he had bought Nadir a watch inscribed: "Don't let the buggers get you down".He quit after it emerged he had bought Nadir a watch inscribed: "Don't let the buggers get you down".
BBC home affairs correspondent Dominic Casciani said the outcome of the trial would appear to be a major victory for the SFO.BBC home affairs correspondent Dominic Casciani said the outcome of the trial would appear to be a major victory for the SFO.
The trial lasted seven months and the jury returned on Monday with three guilty counts and one acquittal before retiring again and returning their remaining verdicts on Wednesday.The trial lasted seven months and the jury returned on Monday with three guilty counts and one acquittal before retiring again and returning their remaining verdicts on Wednesday.
The charges Nadir has been convicted of are:The charges Nadir has been convicted of are:
  • Stealing £1.3m from PPI to pay for PPI shares in June 1989
  • Stealing £1m from PPI to pay for antiques in December 1989
  • Stealing £3.25m from PPI in March 1990 and placing it in 19 different end destinations
  • Stealing £5.15m from PPI for the purchase of shares to prop up the company in August 1987
  • Stealing £5m from PPI to buy shares in the Gunaydin newspaper group in Turkey in July 1988
  • Stealing £1.3m from PPI to buy shares and fund his expenses including the purchase of a country estate and farm in November 1988
  • Stealing £2.6m from PPI to pay for shares in travel company Noble Raredon in March 1989
  • Stealing £4m from PPI to invest in his investment trust which held shares in PPI in June 1989
  • Stealing £5m from PPI for various personal uses in August 1990
  • Stealing $500,000 from PPI to buy shares in an educational video company.
  • Stealing £1.3m from PPI to pay for PPI shares in June 1989
  • Stealing £1m from PPI to pay for antiques in December 1989
  • Stealing £3.25m from PPI in March 1990 and placing it in 19 different end destinations
  • Stealing £5.15m from PPI for the purchase of shares to prop up the company in August 1987
  • Stealing £5m from PPI to buy shares in the Gunaydin newspaper group in Turkey in July 1988
  • Stealing £1.3m from PPI to buy shares and fund his expenses including the purchase of a country estate and farm in November 1988
  • Stealing £2.6m from PPI to pay for shares in travel company Noble Raredon in March 1989
  • Stealing £4m from PPI to invest in his investment trust which held shares in PPI in June 1989
  • Stealing £5m from PPI for various personal uses in August 1990
  • Stealing $500,000 from PPI to buy shares in an educational video company.
At the beginning of the trial the prosecutor Philip Shears QC alleged Nadir had stolen up to £150m from PPI for himself and his family and said the 13 charges he faced were sample charges.At the beginning of the trial the prosecutor Philip Shears QC alleged Nadir had stolen up to £150m from PPI for himself and his family and said the 13 charges he faced were sample charges.
The trial heard Nadir, a British citizen of Turkish-Cypriot background, was a well-respect businessman in Turkey and a major employer in Turkey and northern Cyprus. The trial heard Nadir, a British citizen of Turkish-Cypriot background, was a well-respected businessman in Turkey and a major employer in Turkey and northern Cyprus.
The trial heard of a letter Turkish President Turgut Ozal wrote to Margaret Thatcher in September 1990 - two months before she resigned as UK prime minister - asking her to ensure UK authorities acted with "fairness" towards PPI.The trial heard of a letter Turkish President Turgut Ozal wrote to Margaret Thatcher in September 1990 - two months before she resigned as UK prime minister - asking her to ensure UK authorities acted with "fairness" towards PPI.