Foreign Office summons Turkish ambassador

THE Turkish ambassador, Candemir Onhon, has been summoned to a meeting today with Tristan Garel-Jones, the Foreign Office minister, as Britain attempts to step up pressure on Ankara to use its influence on the Turkish Cypriot authorities to hand over Nadir.

'We want this man and the Turks have the influence,' one British diplomat said. Turkey is seen as being heavily dependent on good relations with Britain: 'The Turks generally regard us as champions of their cause in the European Community.'

The Foreign Office has made it clear that if Nadir travels to Turkey, the only country that recognises northern Cyprus, Britain would expect Ankara to extradite him immediately.

Diplomats are also issuing veiled hints that if Nadir tries to travel to another country which does not have an extradition treaty with Britain he may be taken in transit. 'There is always the possibility of arresting him on the high seas - it's been done before - although the problem is he tends to travel on a private plane,' one source said.

As moves to force Nadir's return continue, creditors owed hundreds of millions of pounds by Polly Peck, his collapsed conglomerate, are growing increasingly restless about the costs of pursuing the businessman, given the dwindling likelihood of success. One major bank creditor said yesterday: 'There is a law of diminishing returns here. Clearly this is an issue.'

So far the costs of sorting out the mess left by Nadir at Polly Peck have reached an estimated pounds 30m, but creditors have yet to receive anything. Even on the most optimistic assessments they are unlikely to receive more than 10p in the pound.

As a result the two accountancy firms responsible for administering the collapsed business empire, Coopers & Lybrand and Touche Ross, are likely to come under pressure next week when they convene a creditors' meeting to explain the impact on their investigations of Nadir's flight.

Christopher Morris, of Touche Ross, who is in charge of legal actions aimed at recovering money from individuals and institutions, and especially Nadir, will be under pressure to justify the huge expense of continuing.

Touche Ross said yesterday that Nadir's flight could speed up the recovery of pounds 378m of his personal assets which were frozen by the courts. Originally, the court freeze could not be lifted until Nadir's trial, scheduled to start in September, had been completed, but since the trial may never happen the courts could now allow the administrators to seize the assets, which are spread world-wide.

The poor outlook for Polly Peck's creditors means that the company's loans are being sold for a fraction of their original value. Gary Klesch, who has a reputation for buying and selling the debt of troubled companies, said yesterday that he had accumulated pounds 50m worth of Polly Peck bonds and loan stock.

However, the bonds are now worth barely 2.5p in the pound, and the loans just 1.5p in the pound. The only loans with a poorer reputation are those issued by Liberia and Iraq.

Start your day with The Independent, sign up for daily news emails
  • Get to the point
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs General

Recruitment Genius: Senior Digital Marketing Consultant

£28000 - £45000 per annum: Recruitment Genius: A Senior Digital Marketing Cons...

Recruitment Genius: Assistant Stores Keeper

£16640 - £18500 per annum: Recruitment Genius: An Assistant Stores Keeper is r...

Recruitment Genius: Claims Administrator

£16000 - £18500 per annum: Recruitment Genius: This is an excellent opportunit...

Recruitment Genius: Software Developer - C# / ASP.NET / SQL

£17000 - £30000 per annum: Recruitment Genius: Developer required to join a bu...

Day In a Page

'It was first time I had ever tasted chocolate. I kept a piece, and when Amsterdam was liberated, I gave it to the first Allied soldier I saw'

Bread from heaven

Dutch survivors thank RAF for World War II drop that saved millions
Britain will be 'run for the wealthy and powerful' if Tories retain power - Labour

How 'the Axe' helped Labour

UK will be 'run for the wealthy and powerful' if Tories retain power
Rare and exclusive video shows the horrific price paid by activists for challenging the rule of jihadist extremists in Syria

The price to be paid for challenging the rule of extremists

A revolution now 'consuming its own children'
Welcome to the world of Megagames

Welcome to the world of Megagames

300 players take part in Watch the Skies! board game in London
'Nymphomaniac' actress reveals what it was really like to star in one of the most explicit films ever

Charlotte Gainsbourg on 'Nymphomaniac'

Starring in one of the most explicit films ever
Robert Fisk in Abu Dhabi: The Emirates' out-of-sight migrant workers helping to build the dream projects of its rulers

Robert Fisk in Abu Dhabi

The Emirates' out-of-sight migrant workers helping to build the dream projects of its rulers
Vince Cable interview: Charging fees for employment tribunals was 'a very bad move'

Vince Cable exclusive interview

Charging fees for employment tribunals was 'a very bad move'
Iwan Rheon interview: Game of Thrones star returns to his Welsh roots to record debut album

Iwan Rheon is returning to his Welsh roots

Rheon is best known for his role as the Bastard of Bolton. It's gruelling playing a sadistic torturer, he tells Craig McLean, but it hasn't stopped him recording an album of Welsh psychedelia
Russell Brand's interview with Ed Miliband has got everyone talking about The Trews

Everyone is talking about The Trews

Russell Brand's 'true news' videos attract millions of viewers. But today's 'Milibrand' interview introduced his resolutely amateurish style to a whole new crowd
Morne Hardenberg interview: Cameraman for BBC's upcoming show Shark on filming the ocean's most dangerous predator

It's time for my close-up

Meet the man who films great whites for a living
Increasing numbers of homeless people in America keep their mobile phones on the streets

Homeless people keep mobile phones

A homeless person with a smartphone is a common sight in the US. And that's creating a network where the 'hobo' community can share information - and fight stigma - like never before
'Queer saint' Peter Watson left his mark on British culture by bankrolling artworld giants

'Queer saint' who bankrolled artworld giants

British culture owes a huge debt to Peter Watson, says Michael Prodger
Pushkin Prizes: Unusual exchange programme aims to bring countries together through culture

Pushkin Prizes brings countries together

Ten Scottish schoolchildren and their Russian peers attended a creative writing workshop in the Highlands this week
14 best kids' hoodies

14 best kids' hoodies

Don't get caught out by that wind on the beach. Zip them up in a lightweight top to see them through summer to autumn
Robert Fisk in Abu Dhabi: The acceptable face of the Emirates

The acceptable face of the Emirates

Has Abu Dhabi found a way to blend petrodollars with principles, asks Robert Fisk