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Asil Nadir facing jail for £29m Polly Peck thefts Asil Nadir facing jail for £29m Polly Peck thefts
(40 minutes later)
Ex-tycoon Asil Nadir will be sentenced later after being found guilty of 10 charges involving the theft of nearly £29m from his Polly Peck empire. Ex-tycoon Asil Nadir suffers from heart disease and high blood pressure, his sentencing hearing at the Old Bailey has heard.
Nadir, 71, is to be sentenced after being found guilty of 10 charges involving the theft of nearly £29m from his Polly Peck empire.
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.
Nadir, 71, who was cleared of three charges, fled the UK in 1993 while awaiting trial, but returned in 2010. Nadir fled the UK in 1993 while awaiting trial, but returned in 2010.
His lawyer, Philip Hackett QC, said Nadir had coronary heart disease and high blood pressure.
He said he returned to Britain voluntarily to face "onerous court proceedings" despite being advised by doctors in his native Cyprus it would jeopardise his health.
Six jurors have returned to hear Nadir being sentenced and his wife Nur, 28, has sat by herself near the dock.Six jurors have returned to hear Nadir being sentenced and his wife Nur, 28, has sat by herself near the dock.
The seven-month trial at the Old Bailey ended on Wednesday and the sentencing hearing has now begun. The seven-month trial at the Old Bailey ended on Wednesday and the sentencing hearing has now begun, with Mr Hackett outlining mitigation on Nadir's behalf.
Mr Hackett said Nadir was of good character and he said he should receive credit for being a "dynamic leader of outstanding ability" who created PPI virtually out of nothing.
He said it was a close family company.
The court was told that, up until July this year, the prosecution costs totalled £3,296,626.
The judge, Mr Justice Holroyde, confirmed Nadir would be eligible for release after serving half his sentence.
Mrs Nadir has said her husband would appeal against his convictions.Mrs Nadir has said her husband would appeal against his convictions.
After fleeing the UK, Nadir remained a fugitive in northern Cyprus until two years ago.After fleeing the UK, Nadir remained a fugitive in northern Cyprus until two years ago.
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 by Mr Justice Holroyde on Monday after the first of his convictions, and is understood to have been held at Belmarsh prison in south-east London.He was remanded in custody by Mr Justice Holroyde on Monday after the first of his convictions, and is understood to have been held at Belmarsh prison in south-east London.
In the witness box at his trial he claimed he had not believed he would get a fair trial in the early 1990s but had decided to return in an attempt to clear his name.In the witness box at his trial he claimed he had not believed he would get a fair trial in the early 1990s but had decided to return in an attempt to clear his name.
As he was led away on Wednesday, his 28-year-old wife, Nur, stood on tiptoes to say goodbye to him in the dock. After he was led away on Wednesday, his wife said: "A guilty man does not come back to face justice of his own accord.
Afterwards 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.""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."