Nadir Due Back in UK Today
Turkish-Cypriot tycoon Asil Nadir has told The Times that he will be returning to the UK today to face fraud charges relating to the collapse of the Polly Peck business group.
He is to stand trial starting September 3rd on 66 counts of theft after a High Court judge granted him bail of 250,000 pounds for the duration of the case.
Nadir has been living as in north Cyprus for 17 years and never stood trial in the UK to answer allegations that he defrauded investors. At its height, Polly Peck was worth 1.7 billion pounds and investigators say that Nadir secretly transferred hundreds of millions of pounds to accounts in north Cyprus and Turkey.
The high court said that Nadir is not technically a fugitive because bail was not formally set during the original court procedures in 1993, according to a BBC report.
Over the last 17 years Nadir built up the Turkish-language Kibris media group.