Turkish-Cypriot tycoon stole £150mln from his business empire

PanARMENIAN.Net - Turkish-Cypriot business magnate Asil Nadir, who was one of Britain's most infamous fugitives, stole almost £150 million from his Polly Peck business empire, a court heard Monday, Jan 23.

According to AFP, the prosecution at the Old Bailey said that Nadir, 70, abused his position as chairman and chief executive of the company in the 1980s and early 1990s and stole money for the benefit of himself, his family and his friends.

The court heard the money, the current equivalent of 180 million euros or $234 million, went through a complicated web of transactions, which included being transferred to a bank Nadir owned in his native northern Cyprus.

Nadir, 70, fled to northern Cyprus in 1993, months before he was due to stand trial for fraud, but dramatically returned to Britain in August 2010 and was immediately arrested.

He denies 13 counts alleging he stole £34 million.

The businessman became the darling of the London stock market after building up Polly Peck International (PPI) in the 1980s and early 1990s from a small firm into a company with products ranging from textiles to electronics.

Nadir flew back to Britain in 2010 from the self-declared Turkish Republic of Northern Cyprus, which is only recognized by Turkey, and was immediately arrested.

He is living under bail conditions in the upmarket London district of Mayfair.

The case is expected to last four months.