ICA expels Polly Peck accountant
Saturday 22 August 1998
John Turner, the former chief accountant at Polly Peck, was thrown out after the Joint Disciplinary Scheme - the body which regulates the profession - found that Mr Turner's conduct fell below that expected of members due to his involvement in "inappropriate transactions" and the "preparation of inaccurate documents".
Mr Turner admitted 10 charges brought by the tribunal. The sums involved amounted to pounds 7.5m. The charges included covering up the transfer of funds from Polly Peck accounts into Unipac, a Polly Peck subsidiary. Some of these funds were used for Mr Nadir's personal benefit, the tribunal concluded. "Some of the actions had no commercial reason and it must have been clear what was going on," the JDS said.
An 11th complaint - that Mr Turner provided large sums of cash to Mr Nadir from the Unipac account without sufficient documentation - was dismissed.
Expulsion is the most severe penalty available under the institute's rules, although Mr Turner has not been fined. Mr Turner, 59, is now working as a book-keeper.
Mr Turner became chief accountant at Polly Peck in 1986 and stayed with it as it grew to become a FTSE 100 company will a market value of pounds 1.7bn. The business collapsed in 1990 and Mr Nadir subsequently fled to northern Cyprus. Mr Turner had been due to stand trial with the fugitive tycoon.
A separate case is due to be heard against Polly Peck's auditors, Stoy Hayward, next year. The JDS this week imposed a record pounds 750,000 fine against the same firm for its role as auditor into Astra Holdings, the munitions company that collapsed in 1992.
- 1 Jennifer Lawrence scores first UK top 40 single with Hunger Games track 'The Hanging Tree'
- 2 Shia LaBeouf claims he was raped during #IAMSORRY art installation performance
- 3 'You should come to my house and eat cheeses with me': 4-year-old sends adorable love letter to girl at school
- 4 Scientists predict green energy revolution after incredible new graphene discoveries
- 5 Michael Buerk wishes he killed Jimmy Savile when he had the chance - by pushing him overboard a cruise ship
Obama: The only people with the right to object to immigration are Native Americans
Ukip says babies born to immigrants in the UK should be classed as migrants – which would include Nigel Farage’s own children
The young are the new poor: Sharp increase in number of under-25s living in poverty, while over-65s are better off than ever
David Cameron sets out immigration reforms: We should distrust Ukip and their 'snake-oil of simple solutions'
Ukip mocked after mistaking Westminster Cathedral – for a mosque
Tamir Rice: 12-year-old boy playing with fake gun dies after being shot by Ohio police
iJobs Money & Business
Excellent Package: Austen Lloyd: EAST ANGLIA - SENIOR SOLICITOR LEVEL ROLE** -...
£Attractive Package: Citifocus Ltd: Prestigious asset management house seeks a...
£Negotiable: Citifocus Ltd: This is a varied role focusing on the firm's mutua...
£90000 - £140000 per annum + benefits: h2 Recruit Ltd: Are you a high achievin...