Tycoon Asil Nadir 'stole £150MILLION from his Polly Peck business empire before fleeing to Cyprus'

Daily Mail, by Emma Reynolds, 23rd January 2012

On trial: Asil Nadir arrives
 at the Old Bailey, London

Tycoon Asil Nadir stole just under £150million from his business empire for himself, his family and friends, the Old Bailey heard today.

The money went through a complex series of transactions including being transferred to a bank he owned in Northern Cyprus, it was alleged.

Nadir was said to have stolen the money from Polly Peck International between 1987 and 1990.

He was due to stand trial in 1993, but in May that year 'fled the country back to Northern Cyprus, thus leaving the jurisdiction only to return in August 2010', said Philip Shears QC, prosecuting.

Nadir, 70, of Mayfair, central London, denies 13 sample counts of theft, alleging he stole £34million.

The case before Mr Justice Holroyde is due to last at least four months.

The jury was told that Nadir had abused his position as chairman and chief executive of PPI to steal from the company.

Mr Shears said: 'Mr Nadir was chairman and chief executive of PPI.

'He was a man who wielded very considerable power over its operations and management, and that of its subsidiaries, particularly in Northern Cyprus.

'He abused that power and helped himself to tens of millions of pounds of PPI’s money.

'As a director of PPI and a signatory on the account, he was entitled to instruct PPI’s bankers to transfer funds to its subsidiaries, to third parties in the course of PPI’s business and for PPI group purposes.

'Dishonest': Nadir and his wife Nur at court, where Nadir
is on trial over allegations he stole £34million

'However, he would have no authority to transfer or authorise funds from PPI for his own personal benefit or that of his family or associates.

'We say he caused the transfer from the three PPI accounts which he dishonestly routed away to benefit himself, his family or associates.

‘A simple way of expressing what happened is that he in effect stole PPI’s money.’

Nadir allegedly plundered £146,050,000 and $6,424,724 through 64 transactions, said Mr Shears.

The prosecutor added: ‘The counts in the indictment are placed before you as sample counts, or specimen counts, of this bigger picture.’

The trial continues and is expected to last up to six months.

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