In the Media

Asil Nadir found guilty of three counts of theft

PUBLISHED August 20, 2012

A jury at the Old Bailey found him guilty unanimously of thefts totalling £6 million.

He was cleared of one count, but the jury are still considering a further nine charges after being given a majority direction by the judge in the case.

Mr Justice Holroyde told the three women and seven men that they could return verdicts of nine to one.

The jurors were spending their seventh day considering charges alleging theft of £34 million from Nadir's Polly Peck business empire between 1987 and 1990.

The trial has lasted seven months during which two jurors were discharged for health reasons.

Nadir was cleared of one count involving £2.5 million, which the prosecution alleged had been used to pay his income tax bill.

But he was found guilty of stealing £1.3 million to secretly buy Polly Peck shares to bolster its Stock Exchange price.

He was also found guilty of stealing £1 million, which was spent on antiques and £3.25 million which went on 19 different destinations.

Nadir, 71, the former toast of the City of London, fled to his native Cyprus in 1993 after the Serious Fraud Office (SFO) charged him in connection with the collapse of Polly Peck International.

With no extradition treaty between the UK and the Turkish part of Cyprus, Nadir lived in relative luxury with the authorities powerless to make him return.

But he finally agreed to return to Britain in 2010 and was subsequently charged with 13 specimen counts of theft.

Nadir, whose 28-year-old wife Nur was in court, looked shocked as the verdicts were read out.

The total amount Nadir has been charged with stealing from Polly Peck is £33.1 million, but prosecutors believe the total haul was close to £150 million.