Asil Nadir
Encyclopedia
Asil Nadir is a Turkish Cypriot businessman
, who was Chief executive of Polly Peck
, which he took over as a small textile company, growing it during the 1980s to become one of the United Kingdom
's top 100 FTSE
-listed companies, with interests in consumer electronics, fruit distribution and packaging. In 1990, the business collapsed following an investigation by the Serious Fraud Office
and charges were brought against Asil Nadir on 70 counts of false accounting and theft, which he denied. From 1993 until 2010 Nadir lived in Northern Cyprus, having fled there to escape a trial in the UK. He remained a fugitive from British justice until 26 August 2010, when he returned to London to face trial. He appeared at the Old Bailey
on 3 September 2010.
s, and he moved with his family to London
in the 1950s when his father expanded the family clothing business from a base in the East End of London
.
, but returned to Cyprus before graduation to set up a clothing business. He returned to London in the 1960s, but after the Turkish invasion of Cyprus
in 1974, accepted the appeal of the authorities to bolster the new region economically. He took over the running of a formerly Greek owned clothing factory in Nicosia
, where he greatly expanded exports to the Middle East
.
, which he turned into a portfolio company by which to make various corporate raiding purchases in clothing, fruit packing and later consumer electronics. Through this he came to prominence in the 1980s as a tycoon and the CEO, an organisation by then with over 24,000 shareholders and interests ranging from produce to electronics. Within a decade, Nasir had built Peck from almost nothing into a member of the FTSE 100.
His alleged criminal mismanagement led to its collapse in 1990.
Allegedly, Nadir secretly transferred nearly £200m from Polly Peck to companies in northern Cyprus in the two years before the group went out of business in 1990. The transfers were so large that the cumulative cash outflow became so great that the group was unable to meet its obligations and thus collapsed. Nadir also emerged as the owner of £25m-worth of properties in northern Cyprus purchased by Polly Peck. The ownership of another £22m of properties was unclear because no owner was recorded.
, which has no extradition treaty with the United Kingdom
, where he resided until 2010. Although a UK arrest warrant was subsequently issued for his breach of bail, it was not valid due to procedural reasons. In a 2003 interview with the BBC
, Nadir vowed to return to the UK to attempt to clear his name. However, he said that he was fearful of the consequences to his health and refused to go back until the British government agreed to give him bail and not remand him in prison until his trial. On 26 August 2010, having provided bail of £250,000 and secured an agreement to not be remanded in prison until his trial, he returned to the UK.
Nadir was also involved in the downfall of the British government's Northern Ireland Minister, Michael Mates
. In 1993 it was revealed that Nadir had paid Mates to ask questions on his behalf in the British House of Commons
and Mates was forced to resign. Nadir had also been a major contributor to Conservative Party
funds throughout the previous decade.
Peter Dimond, the pilot who flew Nadir out of the UK from Compton Abbas Airfield
in a twin-engined private plane, was jailed for two years in August 1998 for committing an act intended to pervert the course of justice, but he was freed by the Court of Appeal in January 1999 when it quashed the conviction after it was discovered that Nadir was not technically on bail at the time of his escape as his bail had lapsed.
. It also owns a radio and TV station. Nadir's outlets published articles critical of the Republican Turkish Party
/Reform Party coalition government in the run-up to the April 2009 general election and actively supported the then opposition National Unity Party and Democratic Party
. Perhaps as a result of this, on 12 March 2009 Kıbrıs Media Group was suddenly presented with a tax demand in the amount of 11 million Turkish Lira ($6.3 million) payable the following day, on pain of the sequestration of its assets. Leading opposition politicians branded this action as an attempt to gag the free media. The 14th March 2009 edition of Cyprus Today appeared as usual. The Republican Turkish Party and its coalition partner the Reform Party lost massively in the general election and the coalition government was replaced by the National Unity Party which won an overall majority. However during the previous general election in April 2005, the positions were reversed. Nadir's papers published articles critical of the National Unity Party/Democratic Party coalition government and actively supported the then opposition Republican Turkish Party and Reform Party which came to power.
It is today unclear if the current government will forgive Mr. Nadir and reconsider the tax demand of the previous coalition government for his help in defeating the previous administration or press ahead. However, ministers subsequently awarded him a multi-million Euro contract to operate Lefkoniko Airport in northern Cyprus.
Asil Nadir returned to the UK at Luton Airport with wife Nur on 26 August 2010 to face trial. His bail conditions include the £250,000 bail surety already paid to the court, surrendering his passport, wearing an electronic tag, reporting to a police station once a week, and being prohibited from going near any airport. He appeared before the Old Bailey
on 3 September 2010 to comply with bail conditions. He will be living in a £20,000-a-month rented house. His trial is not expected to take place until 2012 owing to the complexity of the allegations.
According to a Press Association report on 5 December 2010, Asil Nadir was arrested on 4 December 2010 in Central London for allegedly breaking his bail conditions. He was released five hours later, claiming that the police had apologised to him. He has said that he will issue a writ against the people responsible but it is unclear whether this is the Metropolitan Police or the company that monitors his 'tag'.
His wife Nur is 43 years his junior. They married when she was 21.
Nadir was listed at 36th in the Sunday Times Rich List
in 1990.
Businessperson
A businessperson is someone involved in a particular undertaking of activities for the purpose of generating revenue from a combination of human, financial, or physical capital. An entrepreneur is an example of a business person...
, who was Chief executive of Polly Peck
Polly Peck
Polly Peck International was a small and barely profitable United Kingdom textile company which expanded rapidly in the 1980s and became a constituent of the FTSE 100 Index before it collapsed in 1990 with the then colossal debts of £1.3bn...
, which he took over as a small textile company, growing it during the 1980s to become one of the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
's top 100 FTSE
FTSE
FTSE may refer to:* The FTSE Group* Stock market indices published by the FTSE Group, particularly the FTSE 100 Index on the London Stock Exchange* The Fundamental theorem of software engineering...
-listed companies, with interests in consumer electronics, fruit distribution and packaging. In 1990, the business collapsed following an investigation by the Serious Fraud Office
Serious Fraud Office
The Serious Fraud Office may refer to:*Serious Fraud Office *Serious Fraud Office...
and charges were brought against Asil Nadir on 70 counts of false accounting and theft, which he denied. From 1993 until 2010 Nadir lived in Northern Cyprus, having fled there to escape a trial in the UK. He remained a fugitive from British justice until 26 August 2010, when he returned to London to face trial. He appeared at the Old Bailey
Old Bailey
The Central Criminal Court in England and Wales, commonly known as the Old Bailey from the street in which it stands, is a court building in central London, one of a number of buildings housing the Crown Court...
on 3 September 2010.
Early life
The son of a prominent local businessman and police constable in the colonial police, Irfan, Nadir was born in 1941 in Lefka, Cyprus. Aged 6 he began selling newspaperNewspaper
A newspaper is a scheduled publication containing news of current events, informative articles, diverse features and advertising. It usually is printed on relatively inexpensive, low-grade paper such as newsprint. By 2007, there were 6580 daily newspapers in the world selling 395 million copies a...
s, and he moved with his family to London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
in the 1950s when his father expanded the family clothing business from a base in the East End of London
East End of London
The East End of London, also known simply as the East End, is the area of London, England, United Kingdom, east of the medieval walled City of London and north of the River Thames. Although not defined by universally accepted formal boundaries, the River Lea can be considered another boundary...
.
Career
Nadir studied economics at Istanbul UniversityIstanbul University
Istanbul University is a Turkish university located in Istanbul. The main campus is adjacent to Beyazıt Square.- Synopsis :A madrasa, a religious school, was established sometime in the 15th century after the Ottoman conquest of Constantinople. An institution of higher education named the...
, but returned to Cyprus before graduation to set up a clothing business. He returned to London in the 1960s, but after the Turkish invasion of Cyprus
Turkish invasion of Cyprus
The Turkish invasion of Cyprus, launched on 20 July 1974, was a Turkish military invasion in response to a Greek military junta backed coup in Cyprus...
in 1974, accepted the appeal of the authorities to bolster the new region economically. He took over the running of a formerly Greek owned clothing factory in Nicosia
Nicosia
Nicosia from , known locally as Lefkosia , is the capital and largest city in Cyprus, as well as its main business center. Nicosia is the only divided capital in the world, with the southern and the northern portions divided by a Green Line...
, where he greatly expanded exports to the Middle East
Middle East
The Middle East is a region that encompasses Western Asia and Northern Africa. It is often used as a synonym for Near East, in opposition to Far East...
.
Polly Peck
In the late 1970s he purchased a small British textile company, Polly PeckPolly Peck
Polly Peck International was a small and barely profitable United Kingdom textile company which expanded rapidly in the 1980s and became a constituent of the FTSE 100 Index before it collapsed in 1990 with the then colossal debts of £1.3bn...
, which he turned into a portfolio company by which to make various corporate raiding purchases in clothing, fruit packing and later consumer electronics. Through this he came to prominence in the 1980s as a tycoon and the CEO, an organisation by then with over 24,000 shareholders and interests ranging from produce to electronics. Within a decade, Nasir had built Peck from almost nothing into a member of the FTSE 100.
His alleged criminal mismanagement led to its collapse in 1990.
Allegedly, Nadir secretly transferred nearly £200m from Polly Peck to companies in northern Cyprus in the two years before the group went out of business in 1990. The transfers were so large that the cumulative cash outflow became so great that the group was unable to meet its obligations and thus collapsed. Nadir also emerged as the owner of £25m-worth of properties in northern Cyprus purchased by Polly Peck. The ownership of another £22m of properties was unclear because no owner was recorded.
Escape to Northern Cyprus
Nadir was prosecuted on various counts of theft and fraud, amounting to 66 charges, but failed to appear at the trial in 1993 having travelled to the unrecognised Turkish Republic of Northern CyprusTurkish Republic of Northern Cyprus
Northern Cyprus or North Cyprus , officially the Turkish Republic of Northern Cyprus , is a self-declared state that comprises the northeastern part of the island of Cyprus...
, which has no extradition treaty with the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
, where he resided until 2010. Although a UK arrest warrant was subsequently issued for his breach of bail, it was not valid due to procedural reasons. In a 2003 interview with the BBC
BBC
The British Broadcasting Corporation is a British public service broadcaster. Its headquarters is at Broadcasting House in the City of Westminster, London. It is the largest broadcaster in the world, with about 23,000 staff...
, Nadir vowed to return to the UK to attempt to clear his name. However, he said that he was fearful of the consequences to his health and refused to go back until the British government agreed to give him bail and not remand him in prison until his trial. On 26 August 2010, having provided bail of £250,000 and secured an agreement to not be remanded in prison until his trial, he returned to the UK.
Nadir was also involved in the downfall of the British government's Northern Ireland Minister, Michael Mates
Michael Mates
Michael John Mates is a Conservative Party politician who was the Member of Parliament for the constituency of East Hampshire from 1974 to 2010.He has been a member of the Privy Council since February 2004.-Education:...
. In 1993 it was revealed that Nadir had paid Mates to ask questions on his behalf in the British House of Commons
British House of Commons
The House of Commons is the lower house of the Parliament of the United Kingdom, which also comprises the Sovereign and the House of Lords . Both Commons and Lords meet in the Palace of Westminster. The Commons is a democratically elected body, consisting of 650 members , who are known as Members...
and Mates was forced to resign. Nadir had also been a major contributor to Conservative Party
Conservative Party (UK)
The Conservative Party, formally the Conservative and Unionist Party, is a centre-right political party in the United Kingdom that adheres to the philosophies of conservatism and British unionism. It is the largest political party in the UK, and is currently the largest single party in the House...
funds throughout the previous decade.
Peter Dimond, the pilot who flew Nadir out of the UK from Compton Abbas Airfield
Compton Abbas Airfield
Compton Abbas Airfield is located south of Shaftesbury, Dorset, England.Compton Abbas Aerodrome has a CAA Ordinary Licence that allows flights for the public transport of passengers or for flying instruction as authorised by the licensee...
in a twin-engined private plane, was jailed for two years in August 1998 for committing an act intended to pervert the course of justice, but he was freed by the Court of Appeal in January 1999 when it quashed the conviction after it was discovered that Nadir was not technically on bail at the time of his escape as his bail had lapsed.
Current work
Nadir now runs a business in northern Cyprus called the Kıbrıs Media Group, which inter alia publishes the newspaper Kıbrıs (Turkish for 'Cyprus') and the English language bi-weekly Cyprus TodayCyprus Today
Cyprus Today is the leading English-language newspaper in North Cyprus. Founded on 12 October 1991, it is bi-weekly and has a multi-national staff....
. It also owns a radio and TV station. Nadir's outlets published articles critical of the Republican Turkish Party
Republican Turkish Party
The Republican Turkish Party is a social democratic political party in the Republic of Cyprus. The party was founded in 1970 by Ahmet Mithat Berberoğlu, a lawyer, in opposition to the leadership of Fazıl Küçük and Rauf Denktaş.In the 1980s, the CTP's political position shifted to the left, to a...
/Reform Party coalition government in the run-up to the April 2009 general election and actively supported the then opposition National Unity Party and Democratic Party
Democratic Party (Northern Cyprus)
The Democratic Party is a center-right conservative political party in the Turkish Republic of Northern Cyprus. President of the party is Serdar Denktaş, son of the ex-president Rauf Denktaş....
. Perhaps as a result of this, on 12 March 2009 Kıbrıs Media Group was suddenly presented with a tax demand in the amount of 11 million Turkish Lira ($6.3 million) payable the following day, on pain of the sequestration of its assets. Leading opposition politicians branded this action as an attempt to gag the free media. The 14th March 2009 edition of Cyprus Today appeared as usual. The Republican Turkish Party and its coalition partner the Reform Party lost massively in the general election and the coalition government was replaced by the National Unity Party which won an overall majority. However during the previous general election in April 2005, the positions were reversed. Nadir's papers published articles critical of the National Unity Party/Democratic Party coalition government and actively supported the then opposition Republican Turkish Party and Reform Party which came to power.
It is today unclear if the current government will forgive Mr. Nadir and reconsider the tax demand of the previous coalition government for his help in defeating the previous administration or press ahead. However, ministers subsequently awarded him a multi-million Euro contract to operate Lefkoniko Airport in northern Cyprus.
Return to UK
On 30 July 2010 it was reported that a British judge had granted Nadir bail, which it was said would pave the way for Nadir to return to the UK to face trial.Asil Nadir returned to the UK at Luton Airport with wife Nur on 26 August 2010 to face trial. His bail conditions include the £250,000 bail surety already paid to the court, surrendering his passport, wearing an electronic tag, reporting to a police station once a week, and being prohibited from going near any airport. He appeared before the Old Bailey
Old Bailey
The Central Criminal Court in England and Wales, commonly known as the Old Bailey from the street in which it stands, is a court building in central London, one of a number of buildings housing the Crown Court...
on 3 September 2010 to comply with bail conditions. He will be living in a £20,000-a-month rented house. His trial is not expected to take place until 2012 owing to the complexity of the allegations.
According to a Press Association report on 5 December 2010, Asil Nadir was arrested on 4 December 2010 in Central London for allegedly breaking his bail conditions. He was released five hours later, claiming that the police had apologised to him. He has said that he will issue a writ against the people responsible but it is unclear whether this is the Metropolitan Police or the company that monitors his 'tag'.
Personal life
Nadir is the father of four children, two by his first wife and two by a former mistress.His wife Nur is 43 years his junior. They married when she was 21.
Nadir was listed at 36th in the Sunday Times Rich List
Sunday Times Rich List
The Sunday Times Rich List is a list of the 1,000 wealthiest people or families in the United Kingdom, updated annually in April and published as a magazine supplement by British national Sunday newspaper The Sunday Times since 1989...
in 1990.
External links
- Fugitive Nadir vows to return BBC News, 3 September 2003
- Regina v Asil Nadir 1993- British Library of Political and Economic Science - Presentation of the Evidence Against Nadir
- 1993: Minister resigns over business links BBC News - Michael Mates Resigns
- The facts of the flight out of the UK