Asil Nadir, 71, received a ten year jail sentence for theft from his former business empire Polly Peck International. He was convicted of stealing almost £29 million from the company.
Polly Peck collapsed in 1990 after it came under the scrutiny of the Serious Fraud Squad. Following the investigation, Nadir fled the UK in 1993, settling in the TRNC. The UK has no mutual extradition treaty with TRNC and therefore Nadir could have remained here indefinitely, however he chose to return to the UK in 2010 in order to prove himself innocent of the charges. Nadir still claims that he is innocent and will appeal the decision.
His jurors comprised only ten men and women, two of whom had been absent through illness. The judge asked the jury to reach a unanimous verdict. When it transpired that they could not do this, the judge then consented to a majority verdict of 9 -1. This then was the outcome – a verdict of 9 -1. The judge said Nadir could be released after serving 5 years.
Polly Peck International started out as a small fashion company and then purchased electronics, leisure and food industries. Ultimately Nadir developed a business conglomerate which comprised more than 200 subsidiaries around the world.
In 1990 despite being on the FTSE 100 index and a top performer, the company’s share price collapsed when it was found that the Serious Fraud Office had raided the offices of Polly Peck International.
The hearing to consider applications for compensation will take place on 31st October.