North Cyprus News Update | Asil Nadir accused of stealing nearly £150m

Asil Nadir is being accused of stealing nearly £150m from his business empire, some of which was transferred to a bank he owned in North Cyprus. This theft, according to prosecution lawyers, came from the business he established, Polly Peck International (PPI), between 1987 and 1990. In all there were 64 fraudulent transactions totalling £146m and $6.4m.

Apparently the money was often stolen to pay debts including tax owed to the Inland Revenue. He also bought a Mercedes car for his ex-wife, shares in companies he wanted and money towards “costly properties” bought in various company names he was involved in. Again, according to prosecution lawyers, money appeared in his mother’s bank account and £7.5m was paid to companies owned by her.

Asil Nadir was due to stand trial in 1993 but he fled the UK back to North Cyprus where, until recently, he felt safe from extradition.

Print Friendly, PDF & Email

Comments are closed.