Tycoon Asil Nadir jailed for 10 years for theft

PanARMENIAN.Net - Former fugitive tycoon Asil Nadir has been jailed for a total of 10 years for stealing £29m ($46m) from his Polly Peck business empire 20 years ago, according to BBC News.

Nadir, 71, stole from Polly Peck International (PPI), a major UK company until 1990 when it collapsed after a Serious Fraud Office investigation.

He fled the UK in 1993 while awaiting trial, but returned in 2010.

His wife, Nur, said outside court: "My husband is innocent." She said: "Having great faith in the British legal justice system we will continue to try to rectify the wrongs."

The trial at the Old Bailey ended on Wednesday, Aug 22 when Nadir was acquitted of three of the 13 sample charges.

He was sentenced to five years for each of seven of the thefts - two years less than the maximum - and five years for the other three but the judge, Justice Holroyde, decided those terms should be consecutive.

He said Nadir would be eligible for release after serving half his sentence.

Nadir is expected to return to Belmarsh prison in south east London, where he has been remanded in custody since Monday, but is set to serve his sentence elsewhere.

In his sentencing remarks, the judge said Nadir had "outstanding business skills" and brought employment and financial benefit to many people around the world.

But Justice Holroyde said "You were a wealthy man who stole out of pure greed".