Published: 3 February, 2012
by DAVID ST GEORGE

More allegations of a multi-million pound white-collar swindle were made yesterday (Thursday) against Mayfair businessman Asil Nadir

At the Old Bailey the former supremo of the Polly Peck International empire, which crashed in 1990 with debts of £550million, denies 13 specimen charges of theft relating to £33.1million and $2.5 million.

Mr Nadir, 70, would have needed a pile of banknotes much higher than Nelson’s Column to balance the books and accounts of Polly Peck, said prosecutor Philip Shears QC.

The Turkish-Cypriot tycoon, defended by Philip Hackett QC is on bail and is blaming others for the downfall of his West End-based business.

Mr Shears said that vast chunks of funds were transferred abroad by Mr Nadir for “for his own personal benefit or that of his family or associates”
between 1997 and 1990.

Mr Nadir was under investigation by the Serious Fraud Office and due to face trial in 1993 when he jumped bail and fled to northern Cyprus, only returning in August 2010.

Mr Shears claimed that Mr Nadir trousered large sums of cash, splashed out more than £4million on luxury property, blew £1.5million of Polly Peck assets on two Boeing 727 jets, spent a small fortune on jewellery and more dishonestly obtained cash on antique fireplaces.

The case, which is in its third week and could last six months, continues.