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23 August 2012

Nadir gets 10 years

The former polly Peck Tycoon sentenced for theft.

By Economia

Former business tycoon Asil Nadir has been sentenced to 10 years’ imprisonment for stealing nearly £29m from Polly Peck International, the multinational business empire he built up

The sentence follows Nadir’s conviction yesterday on 10 out of 13 sample counts of theft. He was given five years to run concurrently on seven counts and another five years for the remaining three counts which will run concurrently but only once the first five have been served.

The judge at the Old Bailey, Mr Justice Holroyde, who presided over the eight-month long case, also told Nadir that he would be released on licence after serving half his sentence.

Nadir was charged with theft in 1993 after PPI collapsed. He then fled to Northern Cyprus before the trial but returned voluntarily in 2010 to clear his name.

The counts on which he was convicted covered a total of £28.6m and US$0.5m (which at the time was worth £0.3m). According to the Serious Fraud Office, this represents more than £60m at today’s prices). However, it is a fraction of the total amount that he is thought to have transferred from PPI accounts which he then used to buy shares in his or his family’s name or for investments for personal use. SFO estimates put it at in excess of £380m.

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The rest of this article can be read at economia.

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