August 26th in Court, Current Affairs, Legal News, Scandal by Editor .

1980’s Courtrooom Drama as Tycoon Asil Nadir Returns To UK

’80s revival hits the Old Bailey…

Charles Tyrwhitt UK
 

Fans of the greed-is-good decade are really being spoilt this year.

First of all, Gordon Gekko is set to be thrust back into the limelight in Wall Street 2 and now Asil Nadir, famed ’80s businessman, is due to return to the UK to face fraud and theft charges dating back to 1993.

As chief executive of Polly Peck, Nadir built his business empire from scratch – a company that started 1980 with around £300,000 market capitalization grew to £1.7 billion at its peak in less than 10 years. However, the boom times came to an end abruptly when it was alleged that Nadir had secretly transferred millions out of the company. Polly Peck collapsed in 1990 and Nadir was charged with fraud and theft.

Just before he was due to stand trial in 1993, Nadir fled to live in his native northern Cyprus; technically though, he was never on the run because he was not granted bail prior to his escape.

Nadir’s lawyers confirmed he would now return to the UK to stand trial after he was granted bail by an Old Bailey judge in July this year.

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