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Businessman Asil Nadir is at the Old Bailey today charged with stealing almost £150m from his company Polly Peck International (PPI). The money allegedly left the company through a series of transactions, including a transfer to a bank Mr Nadir owned in northern Cyprus, between 1987 and 1990.

Claims he stole from PPI

A former considerable Tory party donor, Asil Nadir arrived at the Old Bailey this morning on charges of stealing £150m from PPI

The case was originally brought to court in 1993 but the accused fled to Cyprus and could not be extradited back to the UK to face the charges. It wasn’t until August 2010 that Mr Nadir, who now lives in Mayfair, central London, returned and a new court date could be arranged.

Mr Nadir abused his position as chairman and chief executive to steal from PPI claims the prosecution. The former owner of the company denies 13 sample counts alleging he stole money.

Speaking  in court, Philip Shears QC, prosecuting, said of Asil Nadir: “He was a man who wielded very considerable power over its operations and management, and that of its subsidiaries, particularly in northern Cyprus. He abused that power and helped himself to tens of millions of pounds of PPI’s money”

Those following the trial are in store for a veritable TV show storyline, encompassing staff who secretly sent instructions for transfers, suspicious colleagues who were told to keep their mouths shut and dodgy record keeping designed to hide the truth.
The case continues and is expected to last four months.

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