Nearly 20 years after he was first charged with 66 counts for theft, fraud and false accounting, Polly Peck founder Asil Nadir was sentenced to 10 years in jail after convictions on 10 counts of theft at the Old Bailey this week.
Nadir fled the UK shortly before he was due to stand trial in 1993 for alleged thefts from the company. The prosecution claimed Nadir took as much as £150m from PPI between 1987 and 1990, but brought forward 13 specimen charges relating £34m after he returned to the UK in November 2010.
On Monday (20 August), after a trial lasting seven months, the jury found him guilty on three charges, but found him not guilty of stealing £2.5m in December 1989 to pay tax to the Inland Revenue, the BBC reported. But there were still more charges to decide; when they reconvened on Tuesday morning, Nadir was convicted on seven more charges.
The judge said Nadir was keen to blame everyone but himself for the Polly Peck collapse, and failed to show any remorse when he returned to Britain, the BBC reported.
About John Stokdyk
John Stokdyk is the global editor of AccountingWEB UK and AccountingWEB.com.