Cypriot tycoon Asil Nadir, once one of the richest in UK, found guilty of theft
- Jigisha Ghosh murder case: Two convicts get death sentence, life imprisonment for one
- Ban pellet guns in Kashmir, Omar Abdullah-led delegation asks PM Modi
- PM Modi, Afghan President Ghani jointly inaugurate renovated Stor Palace
- AAP doesn't have money to fight election: Kejriwal
- Kicking off UP poll campaign, Mayawati slams BJP-RSS, SP, is soft on Congress
Turkish Cypriot tycoon Asil Nadir was found guilty of theft on Monday in relation to the collapse of his Polly Peck business empire, one of a series of debacles that focused public attention on the corporate greed of 1980s Britain.
Polly Peck was an low-profile British textile firm until Nadir took over in 1980, turning the modest business into a vehicle for a wave of acquisitions, including Del Monte's fresh fruit operations and Japan's Sansui Electric Co. The stock went through the roof and Nadir became one of Britain's richest men.
But the success story turned sour after investigators began probing irregularities in Nadir family trusts. The tycoon denied charges he had stolen from Polly Peck to line his pockets, but the company's share price collapsed and the company itself went under in 1990.
The collapse was deeply embarrassing for the then-ruling Conservative Party, to which Nadir was a major donor, and it made a fugitive of the tycoon, who fled the country for his native north Cyprus only months before he was due to stand trial.
The Polly Peck story was one of several corporate scandals that showed up the dark side of Britain's freewheeling 1980s. Nadir spent nearly two decades as a fugitive from British justice, but he made the dramatic decision to return to London in 2010, saying he wanted to clear his name.
- Farm incomes may not revive despite good monsoon
- India’s new line that Pak will have to pay for cross-border terror was overdue
- Just how did Pakistan become so central to the definition of Indian patriotism?
- Why AAP needs to go back to school
- Next door Nepal: Detente in Kathmandu
- PM's Balochistan policy: Gameplan, gambit or gamble?