Published: 27 January, 2012
by DAVID ST GEORGE

WHEN the West End-based business empire of flamboyant tycoon Asil Nadir crashed it left mind-boggling multi-million debts.

The Turkish-Cypriot dealer built up Polly Peck International, specialising in everything from fashions to Del Monte fruits and electrical appliances.
It went bust in 1990 owing £550million.

Apart from being a high-flying name in the City, Mr Nadir was a crook and a thief, it was alleged by crown prosecutor Philip Shears at the Old Bailey this week.

The long-awaited trial of 70-year-old Mr Nadir, who lives in Mayfair, got underway, presided over by Mr Justice Holyroyd.

Mr Nadir had spent years outside the UK’s legal jurisdiction in northern Cyprus since 1993.

He has pleaded not guilty to 13 specimen charges, which include theft of £33.1million and £2.5million from Polly Peck between 1987 and 1990.

Mr Nadir is on bail for this, the biggest ever British fraud case which could last for between four and six months. He is defended by Philip Hackett QC.

Mr Shears alleged that before Mr Nadir jumped bail and fled from London in 1993, when he was due to stand trial, he transferred £150million from the Polly Peck empire to a bank he owned in northern Cyprus.

It was also claimed that, through a network of complex business set-ups in Switzerland, the Bahamas and beyond, he was able dishonestly to divert monies.

“He was a man who wielded very considerable power" as chief of Polly Peck.

“He abused that power and helped himself to tens of millions of pounds of PPI’s money,” said Mr Shears.

The case continues.