Particle.news
Download on the App Store
6 ARTICLES
·
3mo ago

Asil Nadir, Disgraced Polly Peck Tycoon, Dies at 83

The Turkish-Cypriot businessman built a global empire before its collapse in the 1990s, leading to fraud charges and years of exile.

Turkish-Cypriot tycoon Asil Nadir smiles as he leaves the Old Bailey court in this photograph taken October 15, 2010. REUTERS/Stefan Wermuth/File Photo
Image
Asil Nadir accused Britain of “stylish corruption”
Sean O’Neill and Asil Nadir, right, on board the plane that took the former boss of Polly Peck back to the UK

Overview

  • Asil Nadir transformed Polly Peck from a small British fashion house into a global conglomerate with over 200 companies, including Del Monte and Russell Hobbs.
  • The company collapsed in 1990 under £1.3 billion in debt, with Nadir accused of embezzling millions and manipulating share prices.
  • Nadir fled the UK in 1993 to Northern Cyprus, evading extradition and living in luxury for 17 years before returning voluntarily in 2010.
  • In 2012, he was convicted on ten charges of theft totaling £29 million and sentenced to ten years in prison, serving part of his term in Turkey.
  • Nadir's legacy remains controversial, marked by his business achievements, legal troubles, and claims of conspiracy against him.