Nadir must pay £5m compensation
Nadir must pay £5m compensation
Former fugitive Asil Nadir, jailed for stealing £28.8m from his Polly Peck empire in the 1980s, is ordered to pay £5m compensation to administrators.
2 November 2012
Last updated at 16:37 GMT
Asil Nadir fled the UK for Cyprus in 1993 but returned in bid to clear his name
He claimed he had no assets after prosecutors demanded £60m in compensation to administrators.
But trial judge Mr Justice Holroyde said it was not true that Nadir had not received any significant income after fleeing to Cyprus in 1993.
He fled the UK for Cyprus while awaiting trial but returned in 2010 saying he wanted to clear his name.
Former Stock Exchange listed company Polly Peck International collapsed in 1990 owing £550m and Nadir was declared bankrupt two years later.
PPI began as a small fashion company but expanded into the food, leisure and electronics industries under Nadir's ownership, growing into a business empire with more than 200 subsidiaries worldwide.
By 1990 it was on the FTSE 100 index and was one of the stock exchange's best performing companies but the share price collapsed after the Serious Fraud Office raided its offices.
BBC legal affairs correspondent Clive Coleman said Nadir's case had been "systematically disbelieved by the judge".
Nadir had argued in the 17 years he lived in Cyprus he had engaged in no commercial activity and filed a document saying he had no assets or means, which the judge said was untrue.
Mr Justice Holroyde said he found Nadir's sister to be "evasive and untruthful" in her evidence.
Asil Nadir ordered to pay £5m compensation
Asil Nadir fled the UK for Cyprus in 1993 but returned in bid to clear his name
Former tycoon Asil Nadir has been ordered to pay £5m compensation in two years or face six more years in prison.
The 71-year-old was jailed for 10 years in August for stealing £28.8m from his Polly Peck empire in the 1980s.He claimed he had no assets after prosecutors demanded £60m in compensation to administrators.
But trial judge Mr Justice Holroyde said it was not true that Nadir had not received any significant income after fleeing to Cyprus in 1993.
He fled the UK for Cyprus while awaiting trial but returned in 2010 saying he wanted to clear his name.
Former Stock Exchange listed company Polly Peck International collapsed in 1990 owing £550m and Nadir was declared bankrupt two years later.
PPI began as a small fashion company but expanded into the food, leisure and electronics industries under Nadir's ownership, growing into a business empire with more than 200 subsidiaries worldwide.
By 1990 it was on the FTSE 100 index and was one of the stock exchange's best performing companies but the share price collapsed after the Serious Fraud Office raided its offices.
BBC legal affairs correspondent Clive Coleman said Nadir's case had been "systematically disbelieved by the judge".
Nadir had argued in the 17 years he lived in Cyprus he had engaged in no commercial activity and filed a document saying he had no assets or means, which the judge said was untrue.
Mr Justice Holroyde said he found Nadir's sister to be "evasive and untruthful" in her evidence.
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