UK News
Former Polly Peck tycoon goes on trial in Britain
Jan 23, 2012, 15:38 GMT
London - The trial opened in London Monday of Asil Nadir, a former business tycoon accused of multiple theft and false accounting in connection with the collapse in 1990 of his Polly Peck International (PPI) business empire.
Nadir, a Turkish-Cypriot, returned to Britain in August 2010, to face trial after evading justice by moving to Northern Cyprus in 1993. He denies the charges.
On Monday, prosecutors at the Old Bailey Criminal Court accused the 70-year-old multi-millionaire of theft and false accounting, alleging that he stole 150 million pounds (233 million dollars) for himself and his family and friends from his own business empire.
Polly Peck, originally a small British textile firm which Nadir turned into a flourishing conglomerate, was one of the business success stories in 1980s Britain under prime minister Margaret Thatcher.
Equally, its collapse amid allegations of criminal mismanagement caused a major outcry in Britain at the time. The trial is expected to last at least four months.
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