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Polly Peck tycoon tagged and set curfew 3 September 2010

Until then Nadir, 69, must wear an electronic tag – normally associated with youth asbo orders – and be subjected to a midnight to 6am curfew at his rented luxury home in Mayfair.

Nadir, who remains bankrupt, arrived at the Old Bailey court in a convoy of Mercedes and Jaguar cars.

Bankruptcy is usually dismissed after a year but because Mr Nadir fled the country his status was maintained.

Mr Justice Bean refused the former mogul’s request to bring the trial date forward so he could answer charges and said: ““The 17-year delay is not the fault of the prosecution, it is the fault of Mr Nadir.”

The court was told that the 66 charges against him alleging theft from his Polly Peck empire, may be reduced to 15 counts. The court was also told it was “unrealistic” to expect the trial any earlier.

Prosecutors will now try to trace the original 183 witnesses – if still alive - who had been due to give evidence at the trial he flew out of Britain to avoid.

Nadir left the UK in 1993 after being charged with theft and false accounting by the Serious Fraud Office, which prosecutes major financial crime. The SFO said Nadir embezzled about £34m from Polly Peck, a food- packaging firm that collapsed in 1990 when it was unable to pay its debts.

An abusive of process hearing, in which Nadir's lawyers will argue that all the charges should be thrown out, will take place next March. If their submissions fail the trial will start in October next year.

Legal experts have voiced concerns that the trial could collapse if it becomes evident that too much time has elapsed since Polly Peck collapsed.

 

 

 

 

 

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