Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Polly Peck Founder Nadir Has Trial Set for October, Gets Bail

Founder of Polly Peck International Asil Nadir
Founder of Polly Peck International Asil Nadir arrives at the Central Criminal Court or Old Bailey in London on Friday, Sept. 3. Photographer: Frantzesco Kangaris/Bloomberg

Sept. 3 (Bloomberg) -- Asil Nadir, the executive who returned to the U.K. last week to face fraud charges two decades after fleeing the country, is scheduled to face trial in October 2011, a London judge ruled today.

Justice David Bean at the Old Bailey overruled a request by Nadir’s lawyer William Clegg to hold the trial earlier, saying that it was “unrealistic” for the prosecution to be expected to re-compile a 17-year-old case on short notice.

“The 17-year delay is not the fault of the prosecution, it is the fault of Mr. Nadir,” Bean said.

Nadir left the U.K. in 1993 after being charged with theft and false accounting by the Serious Fraud Office, which prosecutes major financial crime. The SFO said Nadir embezzled about 30 million pounds ($46 million) from Polly Peck, a food-packaging firm that collapsed in 1990 when it was unable to pay its debts.

Nadir, who denies wrong-doing, plans to bring an abuse of process application to halt his prosecution, Clegg said. Bean ruled that application will be heard in March. Bean granted Nadir bail on conditions including that he comply with a curfew between midnight and 6 a.m. and check-in weekly at a police station.

Polly Peck’s administrators found more than 700 million pounds was unrecoverable from units of the company, which Nadir built up during the 1980s by expanding into areas such as electronics and hotel franchises. In 1989, the company bought fruit brand Del Monte, turning it into the world’s third-largest fruit distributor, according to the Daily Telegraph.

To contact the reporter on this story: James Lumley in London at jlumley1@bloomberg.net

To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.