I was ten years old when Asil Nadir fled the UK but I still
remember the prolific news coverage. I even recall government
minister Michael Mates' reported advice to the Polly Peck tycoon,
inscribed on the back of a wristwatch: "Don't let the buggers get
you down".
Polly Peck was touted as the ultimate success story of the
eighties. Acquired by Nadir for a song at the start of the decade,
it had been transformed from a small fruit trading business into an
international conglomerate with interests across multiple sectors
and a market cap of £1.7bn. But by 1990, Nadir's empire was
beginning to crumble.
That was the year that Serious Fraud Office (SFO) began
investigation Polly Peck and Nadir. The authorities alleged
that several million-pound cash sums had been transferred out of
Polly Peck and into several accounts in northern Cyprus. These
transfers amounted to some £36m. After the allegations went public,
and Nadir's home was raided by police, Polly Peck ceased trading
with liabilities of £1.3bn.
By May 1993, when the Cyprus-born entrepreneur finally fled
Britain, he had collected 66 charges of theft and false accounting.
While not technically a fugitive from justice, Nadir absconded the
day after his bail expired without alerting the authorities.
Speaking to the BBC from his seat aboard a flight back to the UK
this morning, he says: "I was a free man when I left. I am hoping
that the term fugitive does not apply to me."
But why come back at all?
This is pure conjecture, but my theory is that Nadir - a
compulsive wheeler dealer - is itching to get back in the saddle.
His business interests have slowly frittered away, as has his
personal fortune. It is possible that the remnants of his property
holdings, once worth up to £40m, have substantially devalued as a
result of the financial crisis. He may still hold considerable
political influence in his native country but he has been a virtual
prisoner in his Northern Cyprus home for 17 long years. At 69 years
old, the entrepreneur is probably seeking a last hurrah. One last
venture to see him into his twilight years and ensure a safe
financial future for his young wife Nur and his family.
There is also rumour of a deal. He denies this completely:
"There is no deal. There is only one deal and that deal is that I
am hoping I will see for the first time some justice." However,
Nadir does not deny that he has been involved in talks with the
authorities to allow him to return, albeit under electronic
surveillance with a £250,000 bail on his head.
Nadir is vehement about his innocence, insisting that he has
been denied a fair hearing. "When the charges were brought, I
proved my innocence to the authorities. But at that time, no one
took any notice." He even suggests that it could be the Serious
Fraud Office itself that comes under scrutiny. "The abuse of
process by the authorities will be the first case investigated," he
says. Despite his protestations, there's no denying that at the
time of Polly Peck's collapse, creditors were eventually paid a
pitiful 2.9p for every pound owed. Shareholders, incidentally, got
nothing.
This will be a fascinating case to watch pan out. An
entrepreneur, fallen from grace, returns to clear his name. Hell,
it has the makings of a great Hollywood blockbuster. We'll keep you
posted as the story develops.
Picture: Cristiano Betta