This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.guardian.co.uk/business/2012/aug/22/asil-nadir-guilty-six-theft-charges
The article has changed 2 times. There is an RSS feed of changes available.
Previous version
1
Next version
Version 0 | Version 1 |
---|---|
Asil Nadir found guilty of stealing millions from Polly Peck | |
(about 2 hours later) | |
Asil Nadir, the former boss of failed conglomerate Polly Peck, has been found guilty of 10 counts of stealing £28.6m from company coffers and will be sentenced on Thursday. | |
The amount stolen by the multimillionaire, who fled Britain in 1993 but returned in 2010, is the equivalent of £61,829,627 today, the Old Bailey was told. | |
The 71-year-old former tycoon, who had been a hero in the City of London for much of the 1980s, fled to Turkish-occupied northern Cyprus three years after the £2bn business empire collapsed in 1990. | The 71-year-old former tycoon, who had been a hero in the City of London for much of the 1980s, fled to Turkish-occupied northern Cyprus three years after the £2bn business empire collapsed in 1990. |
He did not return to Britain until 2010, when the process of bringing him to trial was restarted. A jury – reduced by two members to three women and seven men – has taken seven months to hear all the evidence. | |
Immediately after the verdicts, Nadir's wife, Nur, said her husband planned to appeal. She 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. This unhappy affair is certainly not over yet." | |
The 28-year-old has been by her husband's side throughout the trial. They married when she was 21. | |
The judge said that despite the prosecution case that the amounts stolen were part of a larger theft, he could only pass sentence on counts on which Nadir had been convicted. | |
Another hearing will be held next month to deal with compensation claims. There will also be claims for "substantial" prosecution costs and repayment of legal aid. | |
Nadir was taken by prison van to Belmarsh high security prison and is expected to be transferred to another jail after being processed. | |
During the trial, counsel for the Serious Fraud Office, Philip Shears QC, alleged that Nadir had stolen £150m from Polly Peck coffers, using proceeds for himself and his family. | |
Shears said the lengthy trial had focused only on a small sample of Nadir's alleged thievery, with 13 counts on the indictment relating to the transfer of £34m out of Polly Peck. | Shears said the lengthy trial had focused only on a small sample of Nadir's alleged thievery, with 13 counts on the indictment relating to the transfer of £34m out of Polly Peck. |
Nadir had pleaded not guilty on all counts. Earlier in the trial Nadir had told the court he fled the UK because "my hope of a fair trial was in tatters. I had zero hope of receiving a fair trial." | Nadir had pleaded not guilty on all counts. Earlier in the trial Nadir had told the court he fled the UK because "my hope of a fair trial was in tatters. I had zero hope of receiving a fair trial." |
When Polly Peck – once the Stock Exchange's fastest-growing company – crashed in 1990 it had debts of £550m. Creditors got a fraction of what they were owed and shareholders received nothing. | |
Nadir, 36th on the Sunday Times Rich List at one time, was arrested but was secretly flown out of Britain in a private plane in May 1993 before he could face trial. | |
He was originally accused of 66 counts, alleging theft of £380m. The money went on jewels, furniture, luxury properties and making his friends and family rich, jurors were told. |
Previous version
1
Next version