Nadir Trial Begins

The trial of Asil Nadir began yesterday at the Old Bailey.

The ex-chairman and chief executive of Polly Peck is accused of 13 charges in relation to the theft of £ 33.1 million from the company he founded and grew into a member of the FTSE100.

Prosecutors alleged that Mr. Nadir:-

·      Ran a complex network of offshore companies based in Switzerland and the Bahamas;

·      Used company funds to covertly buy shares and share options in Polly Peck;

·      Had the use of five company cars including a turbo Bentley and a Ferrari as well as the company jet;

·      Was helped in his dishonest transactions by Elizabeth Forsyth of South Audley Management;

·      Used a bank account in his mother’s name as a nominee account to receive stolen money;

·      Resisted attempts by directors to require two signatures on bank transfers.

The trial is expected to continue for four months.