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
Have you tried new the Independent Digital Edition apps?
ebooks
ebooksA special investigation by Andy McSmith
  • 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

SThree: Trainee Recruitment Consultant - Dublin (based in London)

£20000 - £25000 per annum + commission: SThree: Real Staffing's Pharmaceutical...

Recruitment Genius: Telesales Executive - OTE £32,000+

£18000 - £32000 per annum: Recruitment Genius: A Telesales Executive is requir...

Recruitment Genius: Front End Web Developer - Magento

£28000 - £35000 per annum: Recruitment Genius: A Front End Web Developer is re...

Ashdown Group: Marketing Executive - Greater London - £35,000

£30000 - £35000 per annum + benefits: Ashdown Group: Marketing Executive - Ric...

Day In a Page

General Election 2015: The masterminds behind the scenes

The masterminds behind the election

How do you get your party leader to embrace a message and then stick to it? By employing these people
Machine Gun America: The amusement park where teenagers go to shoot a huge range of automatic weapons

Machine Gun America

The amusement park where teenagers go to shoot a huge range of automatic weapons
The ethics of pet food: Why are we are so selective in how we show animals our love?

The ethics of pet food

Why are we are so selective in how we show animals our love?
How Tansy Davies turned 9/11 into her opera 'Between Worlds'

How a composer turned 9/11 into her opera 'Between Worlds'

Tansy Davies makes her operatic debut with a work about the attack on the Twin Towers. Despite the topic, she says it is a life-affirming piece
11 best bedside tables

11 best bedside tables

It could be the first thing you see in the morning, so make it work for you. We find night stands, tables and cabinets to wake up to
Italy vs England player ratings: Did Andros Townsend's goal see him beat Harry Kane and Wayne Rooney to top marks?

Italy vs England player ratings

Did Townsend's goal see him beat Kane and Rooney to top marks?
Danny Higginbotham: An underdog's tale of making the most of it

An underdog's tale of making the most of it

Danny Higginbotham on being let go by Manchester United, annoying Gordon Strachan, utilising his talents to the full at Stoke and plunging into the world of analysis
Audley Harrison's abusers forget the debt he's due, but Errol Christie will always remember what he owes the police

Steve Bunce: Inside Boxing

Audley Harrison's abusers forget the debt he's due, but Errol Christie will always remember what he owes the police
No postcode? No vote

Floating voters

How living on a houseboat meant I didn't officially 'exist'
Louis Theroux's affable Englishman routine begins to wear thin

By Reason of Insanity

Louis Theroux's affable Englishman routine begins to wear thin
Power dressing is back – but no shoulderpads!

Power dressing is back

But banish all thoughts of Eighties shoulderpads
Spanish stone-age cave paintings 'under threat' after being re-opened to the public

Spanish stone-age cave paintings in Altamira 'under threat'

Caves were re-opened to the public
'I was the bookies’ favourite to be first to leave the Cabinet'

Vince Cable interview

'I was the bookies’ favourite to be first to leave the Cabinet'
Election 2015: How many of the Government's coalition agreement promises have been kept?

Promises, promises

But how many coalition agreement pledges have been kept?
The Gaza fisherman who built his own reef - and was shot dead there by an Israeli gunboat

The death of a Gaza fisherman

He built his own reef, and was fatally shot there by an Israeli gunboat