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| Asil Nadir tells compensation hearing he is penniless | Asil Nadir tells compensation hearing he is penniless |
| (35 minutes later) | |
| Former fugitive tycoon Asil Nadir has told a court he has no assets. | Former fugitive tycoon Asil Nadir has told a court he has no assets. |
| The 71-year-old - serving 10 years for stealing £28.8m from his Polly Peck empire in the 1980s - returned to the Old Bailey for a compensation hearing. | The 71-year-old - serving 10 years for stealing £28.8m from his Polly Peck empire in the 1980s - returned to the Old Bailey for a compensation hearing. |
| The prosecution said his claim that he relied on the generosity of friends and family was "an affront to common sense" and a "sham". | The prosecution said his claim that he relied on the generosity of friends and family was "an affront to common sense" and a "sham". |
| The trial judge is to decide if the administrators of Nadir's now defunct company can claim compensation. | The trial judge is to decide if the administrators of Nadir's now defunct company can claim compensation. |
| Mr Justice Holroyde will also assess whether an order can be made to recover costs of the prosecution and legal aid. | Mr Justice Holroyde will also assess whether an order can be made to recover costs of the prosecution and legal aid. |
| Nadir fled the UK for Cyprus in 1993 while awaiting trial but returned in 2010 in an attempt to clear his name. | Nadir fled the UK for Cyprus in 1993 while awaiting trial but returned in 2010 in an attempt to clear his name. |
| Former Stock Exchange listed company Polly Peck International (PPI) collapsed in 1990 owing £550m and Nadir was declared bankrupt two years later. | |
| Mayfair property | |
| Before the hearing, Nadir was ordered to provide details of his finances and assets under a Financial Circumstances Order. | |
| But Philip Shears QC, prosecuting, said he had "failed to provide full and frank disclosure of his financial resources" and dismissed the claim that "he has no personal assets whatever". | |
| He contended that Nadir's use of the word "family" when having to explain his finances was misleading as his personal wealth was held in common with his relatives. | |
| The prosecution said there had been no explanation about the whereabouts of a painting and jewellery which was bought in 1989 using Polly Peck money. | |
| Nadir had lived at a property in London's Mayfair in the two years before his trial and Mr Shears did not accept that the £500,000 rental costs had been paid by someone else. | |
| The seven-month trial, which ended last month, saw Nadir convicted of 10 of the sample charges he faced and acquitted of three. | |
| 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. | |
| 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 its offices. |