In the Media

Asil Nadir found guilty of a further six charges of theft

PUBLISHED August 22, 2012

Former fugitive tycoon Asil Nadir was found guilty of a further six charges of theft at the Old Bailey today, bringing the total number of convictions to nine.

The 71 year old Turkish-Cypriot was cleared of a seventh charge of theft amounting to £1.2 million.

The decision comes two days after the jury found Mr Nadir guilty of three counts amounting to theft of £5.5 million..

The case went to trial in January after Mr Nadir was charged with plundering £34 million from his Polly Peck International business empire between 1987 and 1990.

He was accused of transferring money to subsidiaries in Turkey and Northern Cyprus to pay his tax bill, buy gifts for himself and his family and also to buy shares in his own company in order to bolster the stock market price.

Polly Peck, which at it's height was worth around £1.7 billion, was raided by the Serious Fraud Office and saw its share price dramatically drop. It later collapsed with debts of £1.3 billion.

The multimillionaire, who has always denied allegations of theft, fled Britain in 1993 but returned in 2010 to face trial.

Following a complex investigation, the former Tory Party donor now faces jail time after being convicted of thefts amounting £28.5 million.

The jury is still considering a further two counts.