Businessman Asil Nadir would have needed banknotes 300 times the height of Nelson's Column to balance the books of his empire

Businessman Asil Nadir would have needed banknotes 300 times the height of Nelson's Column to balance the books of his empire, the Old Bailey hears.

He has said when pounds were taken out in London, equivalent amounts in Turkish lire were placed in a subsidiary firm in northern Cyprus.

Philip Shears, QC, prosecuting, said the claims were "not credible".

Mr Nadir, who is accused of stealing nearly £150m from his Polly Peck empire, denies all the charges.

The 70-year-old, who lives in Mayfair, central London, is facing 13 sample counts that he stole more than £34m from PPI between 1987 and 1990.

The prosecution has accused the tycoon of transferring millions of pounds through a complex series of companies and trusts in an attempt to hide his actions.