The former fugitive tycoon Asil Nadir has been given a 10-year sentence at the Old Bailey for stealing millions of pounds from his Polly Peck business empire.
The firm, which was one of the most successful companies of its time and darling of the Thatcher era, collapsed owing GBP 550 mln in 1990 and Nadir went on the run for 17 years, hiding in Turkish-occupied northern Cyprus which has no extradition facility with the U.K.
He returned to Britain in 2010 confident he would be cleared and blaming the Serious Fraud Office (SFO) for orchestrating his downfall but an Old Bailey jury this week found him guilty of stealing GBP 28.6 mln, the equivalent of 61.8 mln in current terms.
The 71-year old Turkish Cypriot will serve half his sentence in prison and will then be released on licence, SkyNews reported.
The judge, Mr Justice Holroyde, told Nadir: "You were a wealthy man, you stole out of greed."
He said he had seen no remorse from the former tycoon but said he was a man of considerable charm.
Mr Justice Holroyde said: "You remained absent from this country for 17 years, and so delayed for nearly two decades the day of reckoning which has finally arrived."
After being sentenced, Nadir turned to wife Nur, smiled and said goodbye.
Second wife Nur Nadir, 40 years his younger, has said her husband will appeal. Outside court, she said: "My husband is innocent and, having faith in the British justice system, we will continue with our efforts to rectify the wrongs."
A hearing will be held on September 27 to decide on Nadir paying compensation and interest to the administrators of PPI.
Stolen millions were used to secretly buy shares in Polly Peck by companies owned by Nadir to bolster its share value. Nadir was also found guilty of stealing 1 mln spent on antiques and 3.25 mln which went to 19 different destinations.
He was cleared of a fourth count of stealing GBP 2.5 mln and using it to pay his income tax bill.
During the seven month Old Bailey trial, two of the original jurors were discharged through ill health.
Investigators were said to have found a "black hole" after going to northern Cyprus, where the money had been transferred, the court heard.
Polly peck's demise was one of Britain's biggest corporate failures and was a huge embarrassment to the Conservative Party – which is now the senior partner in a two-party coalition government – since it had received donations from Nadir.
A Conservative minister resigned over his links to Nadir after it emerged he had given the businessman a watch engraved with the message: "Don't let the bastards grind you down."
Born in Cyprus in 1941, Nadir sold newspapers at the age of six before moving with his family to London in the 1950s.
He bought the Polly Peck textiles company in the late 1970s and set about turning it into one of the biggest companies on the stock exchange. Its divisions ranged from consumer electronics to hotels and the Del Monte canned fruit business.
He bankrolled Turkish Cypriot leader Rauf Denktash and the occupation regime in the north, operated the Jasmine hotel and casino and started the Kibris newspaper and TV station, until funds ran dry and was subsequently targeted by the regime.
