Asil Nadir stole nearly £150m

Former business tycoon Asil Nadir stole nearly £150m from his business empire for himself, his family and friends, the Old Bailey has heard. The money went through a complex series of transactions, including being transferred to a bank he owned in Northern Cyprus, it was alleged. Mr Nadir was said to have stolen the money from Polly Peck International (PPI) between 1987 and 1990. Mr Nadir, 70, denies 13 sample counts alleging he stole £34m. The jury was told that Mr Nadir, of Mayfair, central London, had abused his position as chairman and chief executive of PPI to steal from the company. This theft case spans London, Switzerland, the Bahamas, Jersey and elsewhere. It ranges from the 13 charges on the indictment to the 64 fraudulent transactions the prosecution allege took place - the "bigger picture" as they call it. This increases the amount allegedly stolen from just over £34m to almost £150m. It's a case with a fleeing chief executive, a complex structure of offshore companies, family trusts, personal debt, "extensive" theft, and stolen funds ending up in "numerous and varied" places. It's also a case requiring attention to detail for the jury, who have been given flow charts to explain the web. The trial will hear about people alleged to have helped Mr Nadir - staff who sent secret instructions for transfers, ones who told suspicious colleagues to keep their mouths shut, and people who kept misleading records. Mr Nadir was described as wielding considerable power over PPI, but ultimately he abused that power by helping himself to tens of millions of pounds, the prosecution say. Philip Shears QC, prosecuting, told the court: "He was a man who wielded very considerable power over its operations and management, and that of its subsidiaries, particularly in Northern Cyprus. "He abused that power and helped himself to tens of millions of pounds of PPI's money. "As a director of PPI and a signatory on the account, he was entitled to instruct PPI's bankers to transfer funds. 'No authority' "However, he would have no authority to transfer or authorise funds from PPI for his own personal benefit or that of his family or associates. "We caused the transfer from the three PPI accounts which he dishonestly routed away to benefit himself, his family or associates." Mr Nadir was due to stand trial in 1993, but in May that year "fled the country back to Northern Cyprus, thus leaving the jurisdiction only to return in August 2010", said Mr Shears. The case before Mr Justice Holroyde is due to last at least four months.