Turkish-Cypriot tycoon Nadir jailed for 10 years in UK

Turkish-Cypriot tycoon Asil Nadir, once one of Britain's most notorious fugitives, was jailed for ten years on Thursday for stealing millions of pounds from his international business empire. Flamboyant Nadir, 71, was convicted in London this week of ten charges of theft from his now-defunct conglomerate, Polly Peck International. Nadir's thefts totalled £28.8 million, the equivalent of more than £61.6 million ($97.8 million, 77.9 million euros) in today's terms. "You were a wealthy man who stole out of pure greed," Judge Tim Holroyde told Nadir at London's Old Bailey court. The judge said Nadir would be eligible for release after serving half of his prison sentence. Nadir's 28-year-old wife Nur said outside the court: "My husband is innocent and, having faith in the British justice system, we will continue with our efforts to rectify the wrongs." Nadir was arrested when Polly Peck collapsed in 1990 with debts of £550 million. He was one of the most prominent businessmen in Britain in the 1980s and early 1990s after building up Polly Peck from a small textile firm into a sprawling company with interests ranging from fruit to electronics. He fled in May 1993 to the breakaway Turkish Republic of Northern Cyprus (TRNC), which is recognised only by Turkey and does not have an extradition treaty with Britain. Most of Polly Peck's business was based in Turkey and the TNRC. Nadir returned to Britain voluntarily in August 2010 in a dramatic bid to clear his name after 17 years as a fugitive. His defence lawyer Philip Hackett told the court he had returned despite having heart disease and asked the judge to give Nadir credit for the 720 days he had been electronically tagged. A hearing will be held on September 27 to decide on the amount of compensation and interest Nadir will pay to Polly Peck's administrators. The judge will also have to decide on ordering him to pay prosecution costs of £2.5 million, and repaying his legal aid costs.