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.

Arts and Entertainment
Sydney and Melbourne are locked in a row over giant milk crates
art
News
Kenny Ireland, pictured in 2010.
peopleActor, from House of Cards and Benidorm, was 68
News
A scene from the video shows students mock rioting
newsEnd-of-year leaver's YouTube film features staging of a playground gun massacre
Travel
travel
PROMOTED VIDEO
Have you tried new the Independent Digital Edition apps?
News
ebookA unique anthology of reporting and analysis of a crucial period of history
Voices
A family sit and enjoy a quiet train journey
voicesForcing us to overhear dull phone conversations is an offensive act, says Simon Kelner
News
i100This Instagram photo does not prove Russian army is in Ukraine
News
Morrissey pictured in 2013
people
Sport
sportVan Gaal has £500,000 video surveillance system installed to monitor Manchester United players
Environment
View from the Llanberis Track to the mountain lake Llyn
Du’r Arddu
environmentA large chunk of Mount Snowdon, in north Wales, is up for sale
Life and Style
Martha Stewart wrote an opinion column for Time magazine this week titled “Why I Love My Drone”
lifeLifestyle guru Martha Stewart reveals she has flying robot... to take photos of her farm
Arts and Entertainment
The Secret Cinema performance of Back to the Future has been cancelled again
filmReview: Sometimes the immersive experience was so good it blurred the line between fiction and reality
News
i100
Life and Style
The director of Wall-E Andrew Stanton with Angus MacLane's Lego model
gadgetsDesign made in Pixar animator’s spare time could get retail release
News
peopleGuitarist, who played with Aerosmith, Lou Reed and Alice Cooper among others, was 71
Environment
Tyred out: should fair weather cyclists have a separate slow lane?
environmentFormer Labour minister demands 'pootling lanes' for women cyclists
News
people
Independent
Travel Shop
the manor
Up to 70% off luxury travel
on city breaks Find out more
santorini
Up to 70% off luxury travel
on chic beach resorts Find out more
sardina foodie
Up to 70% off luxury travel
on country retreats Find out more
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

VB.Net Developer - £40k - Surrey - WANTED ASAP

£35000 - £40000 per annum + competitive: Progressive Recruitment: .Mid Level V...

Digitakl Business Analyst, Slough

£40000 - £45000 per annum + Competitive Benefits: Progressive Recruitment: Dig...

Mechanical Estimator: Nuclear Energy - Sellafield

£40000 - £50000 per annum + Car, Medical, Fuel + More!: Progressive Recruitmen...

Dynamics NAV Techno-Functional Consultant

£50000 - £60000 per annum + benefits: Progressive Recruitment: An absolutely o...

Day In a Page

Dress the Gaza situation up all you like, but the truth hurts

Robert Fisk on Gaza conflict

Dress the situation up all you like, but the truth hurts
Save the tiger: Tiger, tiger burning less brightly as numbers plummet

Tiger, tiger burning less brightly

When William Blake wrote his famous poem there were probably more than 100,000 tigers in the wild. These days they probably number around 3,200
5 News's Andy Bell retraces his grandfather's steps on the First World War battlefields

In grandfather's footsteps

5 News's political editor Andy Bell only knows his grandfather from the compelling diary he kept during WWI. But when he returned to the killing fields where Edwin Vaughan suffered so much, his ancestor came to life
Lifestyle guru Martha Stewart reveals she has flying robot ... to take photos of her farm

Martha Stewart has flying robot

The lifestyle guru used the drone to get a bird's eye view her 153-acre farm in Bedford, New York
Former Labour minister Meg Hillier has demanded 'pootling lanes' for women cyclists

Do women cyclists need 'pootling lanes'?

Simon Usborne (who's more of a hurtler) explains why winning the space race is key to happy riding
A tale of two presidents: George W Bush downs his paintbrush to pen father’s life story

A tale of two presidents

George W Bush downs his paintbrush to pen father’s life story
Restaurateur Mitch Tonks has given the Great Western Pullman dining car a makeover

The dining car makes a comeback

Restaurateur Mitch Tonks has given the Great Western Pullman dining car a makeover
Gallery rage: How are institutions tackling the discomfort of overcrowding this summer?

Gallery rage

How are institutions tackling the discomfort of overcrowding this summer?
Louis van Gaal has £500,000 video surveillance system installed to monitor Manchester United players

Eye on the prize

Louis van Gaal has £500,000 video surveillance system installed to monitor Manchester United players
Women's rugby: Tamara Taylor adds fuel to the ire in quest to land World Cup

Women's rugby

Tamara Taylor adds fuel to the ire in quest to land World Cup
Save the tiger: The day America’s love of backyard tigers led to a horrific bloodbath

The day America’s love of backyard tigers led to a horrific bloodbath

With only six per cent of the US population of these amazing big cats held in zoos, the Zanesville incident in 2011 was inevitable
Samuel Beckett's biographer reveals secrets of the writer's time as a French Resistance spy

How Samuel Beckett became a French Resistance spy

As this year's Samuel Beckett festival opens in Enniskillen, James Knowlson, recalls how the Irish writer risked his life for liberty and narrowly escaped capture by the Gestapo
We will remember them: relatives still honour those who fought in the Great War

We will remember them

Relatives still honour those who fought in the Great War
Star Wars Episode VII is being shot on film - and now Kodak is launching a last-ditch bid to keep celluloid alive

Kodak's last-ditch bid to keep celluloid alive

Director J J Abrams and a few digital refuseniks shoot movies on film. Simon Usborne wonders what the fuss is about
Once stilted and melodramatic, Hollywood is giving acting in video games a makeover

Acting in video games gets a makeover

David Crookes meets two of the genre's most popular voices