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2mo 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
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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.