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Learn more and compare subscriptions content expands above. His rise and rise in the s began with a remarkably astute investment in a small textile company, then simply called Polly Peck. He used the company as a vehicle to build a trading empire across Europe - adding "International" to its name along the way.
At the company's height, Nadir and PPI owned what was once one of the biggest electronics companies in Europe, hotels and leisure complexes and the global fruit brand, Del Monte. Each quarter he posted stratospheric profits and in the get-rich-quick atmosphere of lates Britain, everyone wanted a piece of PPI. Some investors had seen returns of more than 1, times their original stake but very few of them got out before PPI came crashing down.
The next day, amid rumours and speculation, PPI's share price plummeted. The conglomerate collapsed completely the following year. The Serious Fraud Office originally began investigating Nadir by looking at claims of insider dealing - a line of investigation that it later dropped. Instead, it said it found evidence that Nadir had stolen millions of pounds from PPI that belonged to its shareholders.
Nadir exercised an extremely high level of control over PPI's finances. He had the power to move money without requiring a counter-signature from another director. The businessman accepted in court that the majority of the transfers were on his instructions. The court heard Nadir used some of the cash to protect PPI's stock-market valuation by buying its own shares. But ultimately, said the prosecution, it went to Nadir's personal interests, including companies or trusts controlled either by himself, his family or close associates.
Clare Whitaker, of the Serious Fraud Office, said prosecutors suspected the cash helped fund pet projects that included racehorses, antiques, a newspaper group and property. However in July he was granted conditional bail in his absence and in August he returned voluntarily to surrender himself to the Central Criminal Court, subject to stringent bail conditions.
It was uncontested that Asil Nadir gave instructions to authorise the movement of funds out of a number of PPI bank accounts; including one with National Westminster Bank and two with Midland Bank. He had ensured that he retained authority being both chairman and chief executive to do this, applying an autocratic approach to his management style. The investigation uncovered a complex structure of offshore companies, in Switzerland, in the Bahamas and elsewhere, through which most of the movements of money were channelled.
The end use of the money transferred included the covert purchase of shares and share options in PPI and other businesses by companies controlled by Nadir and his family. Payments were also made to banks so that they could make loans to companies owned or controlled by Nadir or which were part of the Nadir Family Trust. The money was paid into the account of Unipac Packaging Industries, a wholly owned subsidiary of PPI in northern Cyprus, which Nadir claimed acted as the banker for the near east group.
IBK bank documents, purporting to evidence the deposits, were suspected of being created to convey the illusion of actual cash in the bank, as were the accounting records of Unipac which appeared to show the receipt of the cash deposits. Furthermore the idea that such large volumes of Turkish lira notes were collected and carried to the bank in suitcases on a regular basis was not considered to be credible.
The considerable volume of Turkish lira, supposedly provided by numerous business contacts, family and friends, Nadir explained, was a commonly adopted way of exchanging Turkish lira, then a weak currency, for a hard currency such as sterling or dollars at above the official rate set by the Central Bank of the Turkish Republic of Northern Cyprus. He also said that the business practices considered to be the norm in western society were not necessarily appropriate in northern Cyprus and Turkey, where the culture was very different.
Investigating accountants from the Administrators who visited northern Cyprus in to inspect IBK records were denied access to much of what they wanted to examine and were therefore unable to determine veracity of the records of the alleged Turkish lira deposits and could place no confidence in them. With the commencement of the SFO investigation in August , supported by the Metropolitan Police, the defendant was first interviewed in September that year.
He was first charged in December and the case sent to the Central Criminal Court for trial to open in Nadir was flown from London to Istanbul on Thursday evening after British authorities accepted his request to serve the rest of his sentence in Turkey. It was not immediately clear if his release was part of the agreement. Earlier on Friday, a Justice Ministry spokeswoman in Britain said government policy was to remove foreign criminals to their own countries.
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