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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 suffers from heart disease and high blood pressure, his sentencing hearing at the Old Bailey has heard.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.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 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.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.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, with Mr Hackett outlining mitigation on Nadir's behalf.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.
'Good character''Good character'
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.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.He said it was a close family company.
Mr Hackett admitted the fact his client had left was an aggravating factor.Mr Hackett admitted the fact his client had left was an aggravating factor.
Nadir is expected to return to Belmarsh prison in south east London, where he has been remanded in custody since Monday, but is expected to serve his sentence elsewhere, possibly in an open prison.Nadir is expected to return to Belmarsh prison in south east London, where he has been remanded in custody since Monday, but is expected to serve his sentence elsewhere, possibly in an open prison.
The court was told that, up until July this year, the prosecution costs totalled £3,296,626.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.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.
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.In 1989 PPI bought the fresh fruit giant Del Monte for $875m.
Share price collapsedShare price collapsed
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 Serious Fraud Office 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 Serious Fraud Office raided PPI's offices.
In 1993 Michael Mates, then a Conservative minister and friend of the businessman, attacked the SFO's handling of the case in a speech in the Commons.In 1993 Michael Mates, then a Conservative minister and friend of the businessman, attacked the SFO's handling of the case in a speech in the Commons.
Mr Mates, who is now 78, quit his junior minister job in the Northern Ireland Office in 1993 after it emerged he had bought Nadir a watch inscribed: "Don't let the buggers get you down".Mr Mates, who is now 78, quit his junior minister job in the Northern Ireland Office in 1993 after it emerged he had bought Nadir a watch inscribed: "Don't let the buggers get you down".
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.
The Conservative Party has rejected calls to repay donations made by PPI in the 1990s.The Conservative Party has rejected calls to repay donations made by PPI in the 1990s.
A Labour MP had called for the party to pay back the money but the Tories says there is no evidence to suggest the money was stolen and the cash had come from a publicly-owned company not Nadir personally.A Labour MP had called for the party to pay back the money but the Tories says there is no evidence to suggest the money was stolen and the cash had come from a publicly-owned company not Nadir personally.
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