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May 28, 2012
 
 
 
 
 
 

Fugitive Turkish tycoon Nadir returns to UK

27 August 2010 / REUTERS, LONDON
Business tycoon Asil Nadir was flying back to Britain on Thursday, 17 years after he fled the country while awaiting trial on theft charges stemming from the collapse of his Polly Peck business empire.

Nadir, 69, who had been a major donor to the Conservative Party, fled to northern Cyprus, which has no extradition treaty with Britain.

Nadir’s departure rocked the Conservative government of then Prime Minister John Major, leading to the resignation of a minister who had links to the businessman and questions over the conduct of the investigation by the Serious Fraud Office.

Nadir bought into Polly Peck in 1980, when it was an ailing textiles firm. It became a stock market darling during the 1980s, its share price rising more than 100 times, as Nadir built an empire including the Del Monte fruit business and Japan’s Sansui electronics firm.

But in 1990, administrators were called in, uncovering one of Britain’s most spectacular business failures.

 
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