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26/08/2010
'Fugitive' Polly Peck Tycoon Returns To UK
The man behind the collapsed Polly Peck business empire has returned to the UK to face fraud charges after nearly two decades 'on the run'.
Asil Nadir fled from the UK to northern Cyprus in May 1993, amid allegations that he had secretly transferred £34 million out of his company, which led to its collapse in 1990.
Mr Nadir had been charged with 66 counts of theft, before he fled to his native Cyprus, which does not have an extradition treaty with Britain.
Mr Nadir arrived at Luton airport shortly before 1:30pm on Thursday and he and his wife were then driven to a property in Mayfair with a police escort, where a family reunion is expected to take place.
He will have to wear an electronic tag until the end of his trial, which is not expected to take place until 2012, pay a bail of surety of £250,000 and surrender his passport.
He is due to appear at the Old Bailey on September 3.
Technically, Mr Nadir has not been on the run, as when he appeared in court in 1992 to plead not guilty to the allegations, he had not surrendered his bail. As such, the subsequent arrest warrant which was issued because he had breached his bail, was not valid because it had never been granted in the first place.
(KMcA/GK)
Asil Nadir fled from the UK to northern Cyprus in May 1993, amid allegations that he had secretly transferred £34 million out of his company, which led to its collapse in 1990.
Mr Nadir had been charged with 66 counts of theft, before he fled to his native Cyprus, which does not have an extradition treaty with Britain.
Mr Nadir arrived at Luton airport shortly before 1:30pm on Thursday and he and his wife were then driven to a property in Mayfair with a police escort, where a family reunion is expected to take place.
He will have to wear an electronic tag until the end of his trial, which is not expected to take place until 2012, pay a bail of surety of £250,000 and surrender his passport.
He is due to appear at the Old Bailey on September 3.
Technically, Mr Nadir has not been on the run, as when he appeared in court in 1992 to plead not guilty to the allegations, he had not surrendered his bail. As such, the subsequent arrest warrant which was issued because he had breached his bail, was not valid because it had never been granted in the first place.
(KMcA/GK)
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