North Cyprus News | Asil Nadir ‘penniless’ claim ‘an affront to commonsense’

Former fugitive tycoon Asil Nadir will today learn if he is to repay millions of pounds he stole from his Polly Peck business empire.

The 71-year-old swapped his luxurious lifestyle for a prison cell in August after being convicted of stealing nearly £29 million “out of pure greed”. Last month, he returned to the Old Bailey to face Mr Justice Holroyde again in a compensation and costs hearing but claimed he was penniless. The prosecution said that was a “sham” and claims that Nadir was reliant on the generosity of friends and family were “an affront to common sense”.

The judge will decide if there are any assets to provide compensation to the administrators of Polly Peck International. He will also try to recover the costs of the prosecution and legal aid for the trial. The top performing Stock Exchange company collapsed in 1990 owing £550 million. The amount he stole is the equivalent of£61.6 million today. The prosecution said it was part of £150 million taken from the company.

Nadir, of Mayfair, central London, was jailed for 10 years after being found guilty of 10 charges of theft amounting to £28.8 million in the late 1980s. He fled Britain in 1993 for his native Northern Cyprus but returned in 2010 to face trial. Nadir was ordered to provide details of his finances and assets under a Financial Circumstances Order. But the compensation hearing was told he had failed to make “full and frank disclosure”.

The court heard that the amount of compensation being sought was around £60 million to take account of interest. The hearing was adjourned to today to allow Nadir to produce more evidence.

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