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Polly Peck administrator unconcerned by Nadir's return 27 August 2010

Nadir was charged with fraud and 66 counts of theft when he was chief executive of Polly Peck, a business empire he built from scratch which traded in products as diverse as groceries and electronics. 

It was alleged that he secretly transferred £34m out of the company, leading to its collapse. Just before he was due to stand trial in 1993, he fled to live in his native Cyprus- where he has been leading a luxurious lifestyle.

The UK does not have an extradition agreement with northern Cyprus, because it does not have diplomatic relations with the Turkish Republic of Northern Cyprus.

Nadir jetted into England yesterday in order to try and clear his name. He will appear at the Old Bailey on 3 September. A bail surety of £250,000 has been paid.

Tony Kett, joint administrator of Polly Peck International, said: "Our role as administrators has been to realise the assets of the Polly Peck companies and to make distribution of dividend to creditors.

"That has largely been achieved, and we continue to move toward paying the final dividend which we expect to happen during the course of 2011.

We do not expect that the return of Mr Nadir will have any direct implications for the administration. The administrators do not anticipate having any involvement with his criminal prosecution which is an entirely separate matter from the administration proceedings."

 

 

 

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