Asil Nadir 'hid Polly Peck theft' behind success

Former Polly Peck tycoon Asil Nadir hid multi-million pound theft behind the success of his international company, the Old Bailey has been told. Philip Shears QC, prosecuting, told the jury that Mr Nadir's massive success had been a smokescreen for the thefts. Asil Nadir, 71, faces 13 counts of theft of £34m from Polly Peck International between 1987 and 1990. He denies the charges. The judge is expected to ask the jury to consider their verdicts next week. Mr Nadir is accused of stealing up to £150m from his company, Polly Peck International (PPI), to benefit himself, his family and other associates. The trial is focused on sample charges relating to just over a quarter of the money that allegedly disappeared. Prosecutors say Mr Nadir funnelled cash away from PPI through a complex series of international transactions, including through a bank he owned in northern Cyprus. Mr Nadir denies the charges and says legitimate withdrawals to circulate cash around the business were matched by desposits at the northern Cyprus end of the operation. Continue reading the main story Chronology 1980 - Asil Nadir buys Polly Peck, at the time a small textile firm 1989 - Polly Peck International, by now worth £2bn, acquires giant fruit company Del Monte 24 Oct 1990 - PPI goes into administration Dec 1990 - Mr Nadir is charged with embezzling money May 1993 - He flees to northern Cyprus Aug 2010 - Mr Nadir returns to the UK Mr Shears said the trial had featured a lot about how Mr Nadir built the PPI empire and wielded considerable power and influence. "I wonder if some of you might have thought that what was happening here is that he is hiding behind the success story of Polly Peck, hiding behind the unpleasant reality that in the end he was found out, found out for stealing," said Mr Shears. "We invite you to conclude there is a wealth of evidence to show Mr Nadir stole very large sums of money from PPI." Mr Shears said that the businessman took cash to support share dealing, to pay debts and also the taxman. But he had also taken cash from PPI to buy racehorses, antique marble fireplaces, jewellery and shares in newspaper and video companies. Prosecutors say other large payments were made for a farm, property in London and to cover the losses of his other enterprises. Mr Shears said that Mr Nadir's attitude under cross-examination had been very revealing and that he was a man who was "adept at blaming others". "You may think he is a man who perhaps is used to getting his own way," Mr Shears said. "A man who likes to be in control. A man who has time and time again failed to give a straight answer to a straight question. "A man who - it is a matter for you - often descended into long rambling answers almost as if to produce a smokescreen to hide from the thrust of a particular question. "We submit to you this is a case of theft on a very substantial scale over what you might think was quite a significant time." Counsel for the defence will give their closing speech to the jury next week.