Asil Nadir must pay back £5m - or face a further six years in jail
Friday 02 November 2012
Disgraced tycoon Asil Nadir was today ordered to pay back £5 million of the money he stole from his Polly Peck business empire - or face a further six years' jail.
Nadir was jailed for 10 years in August after being found guilty of stealing £28.8 million from the company and its shareholders.
He later claimed to be penniless after prosecutors demanded £60 million should be paid in compensation and interest to the administrators.
Polly Peck, a leading stock exchange conglomerate, collapsed in 1990 after Nadir stole money which he sent abroad through a complex series of companies.
Mr Justice Holroyde, sitting at the Old Bailey, rejected his claims of poverty and said he believed Nadir had money stashed away.
The judge also ruled that Turkish airline boss Hamit Cankut Bagana could apply for the return of the £250,000 security he paid to allow Nadir bail.
Nadir fled from the UK to his native Northern Cyprus in 1993 but returned in 2010 to face trial.
He claimed to have lived on the generosity of his mother and a girlfriend while in exile and before he was discharged as a bankrupt.
But the judge said: "It is not true that Mr Nadir received no significant income or owned no significant assets since 1993."
It was argued on his behalf that Nadir had not taken part in business during his years in exile.
But the judge said he could not accept that "such a proud and talented man" would have lived off handouts from his mother and a girlfriend.
He added: "Why would he have impoverished and demeaned himself in such a way?"
Nadir had not helped in revealing his finances but the judge said he did not think he could make an order for the full amount.
He said: "Conscious that I am probably erring on the side of caution and being more generous to the defendant than he deserves, I believe he has the means to pay compensation of £5 million."
Nadir thanked the judge from the dock before being taken away to Belmarsh prison.
Five-year-old Iris Grace is raising awareness of autism through her extraordinary paintings
Car tax disc changes: Two days to go - and they affect you much more than just not displaying a piece of paper
Isis an hour away from Baghdad - with no sign of Iraq army being able to make a successful counter-attack
British man raped while urinating in bushes at Oktoberfest beer festival in Germany
George Clooney and Amal Alamuddin wedding: The famous congratulate actor and human rights lawyer after Venice nuptials
Isis, we are told, is a 'clear and dangerous threat to our way of life'. I’m sorry, but I just don’t buy it
Exclusive: 'Putin's Russia has been my biggest regret,' says Nato's outgoing Secretary General
'Women, walk wherever you want' posters taken down in Stamford Hill following 'unacceptable' signs separating men and women
There’s no excuse for Dave Lee Travis’s behaviour, but we need to keep a sense of proportion
Mark Reckless becomes second Tory MP to defect to Ukip in a month
Should gay sex be illegal? 16% of Britons think so
- 1 Five-year-old Iris Grace is raising awareness of autism through her extraordinary paintings
- 2 Car tax disc changes: Two days to go - and they affect you much more than just not displaying a piece of paper
- 3 The Simpsons death: Creator Al Jean would 'kill himself' before character like Homer or Lisa
- 4 British man raped while urinating in bushes at Oktoberfest beer festival in Germany
- 5 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
- < Previous
- Next >