Asil Nadir returns to the UK
http://www.lawsays.net/articles/6493/1/Asil-Nadir-returns-to-the-UK/Page1.html
Leslie Hardy
Leslie Hardy is the UK Chairman of Wellington Estates Ltd, a North Cyprus property development company. Read the full text of this article about
Cherie Blair, the Orams case and Cyprus property at http://www.wellestates.com By Leslie Hardy
Published on 11/28/2010
When Asil Nadir landed at Luton airport on 26 August 2010, the media interest was intense. He had been a fugitive from British justice for some 17 years, since he chartered a private jet in 1993 and flew home to North Cyprus.
Asil Nadir, aged 69, accompanied by his delightful wife, aged 26, has always protested his innocence. On 31 July 2010, a UK judge had granted Mr Nadir bail, which would set in motion his return to the UK to face trial on 66 charges.
The charges against Asil Nadir arise from the demise of the Polly Peck empire in 1991, which was triggered by the announcement of a Serious Fraud Office investigation into the company.
There are a number of creditors and shareholders, who, together with the Inland Revenue, claim that Asil Nadir owes them some GBP374million. It is alleged that he falsified company accounts in order to inflate the share price, and that he also siphoned off millions to bank accounts in North Cyprus.
It should be remembered that, since 1974, North Cyprus has been a separate administration outside of the Greek Cypriot controlled Republic of Cyprus. UK extradition agreements do not extend to North Cyprus, nor are the local banks subject to international scrutiny.
A question which has intrigued commentators is why, after so much time, has Asil Nadir decided to return to the UK and face trial, and possibility imprisonment.
In the 2009 general election, the National Unity Party (UBP) won. Mr Nadir had supported this party, and it is often alleged that the award of a contract to manage freight services from Gecitlake airport in 2010 was a reward for his support.
However, the presence of fugitives from justice in North Cyprus has become an embarrassment for the North Cyprus administration. Several prominent fugitives, including Gary Robb, have been deported from North Cyprus to the UK. Most of the fugitives who have been expelled from North Cyprus have been foreigners and their crimes have often involved drug dealing and violence. Mr Nadir hardly falls into this category, and more importantly, he is a North Cypriot national. Nevertheless, it is possible that both Mr Nadir and the North Cyprus administration took the view that he could not be guaranteed a safe haven in perpetuity. In addition, it is said that Asil Nadir longed to rejoin the international jet set circuit, and that his wife wanted to go shopping at Harrods in London.
Asil Nadir, and his wife Nur, are renting a house in Mayfair, with a rent of allegedly GBP20,000 per month. There are severe restrictions on his freedom in the UK, while he is awaiting trial. He is unable to leave the UK, he is electronically tagged and has to report to a police station every week.
In addition to the fraud charges, he is an undischarged bankrupt. The trustee in bankruptcy, Mr Hellard, will be watching developments with intense interest. Asil Nadir's opulent lifestyle suggests to Mr Hellard that Mr Nadir has significant assets. Mr Hellard is empowered to interview Mr Nadir and demand disclosure of worldwide assets. It is likely that this second line of enquiry will prove to be a mere irritation to Mr Nadir and his lawyers, and will be overshadowed by the Serious Fraud Office investigation and prosecution.
The passage of time will work in favour of Asil Nadir. Documents have been mislaid, and witnesses have died. Also, the main body of paper documents is in an unstable state and have possibly been contaminated in storage. Computer files are also likely to have been lost or corrupted.
It is vital that the UK authorities proceed against Mr Nadir in a professional way. Press interest has been heightened by statements from the Serious Fraud Office about the forthcoming prosecution. It can be argued that such statements are likely to prejudice Mr Nadir from having a fair trial, and it would be appropriate for the Serious Fraud Office to conduct its investigation with more reticence.
In any event, any trial will inevitably be delayed into 2012, and Mr Nadir is correct in arguing that this is unfair. In the meantime, the media interest will continue to show Asil Nadir in an unfavourable light. This may well mean that it could be exceedingly difficult to appoint an impartial jury.
The charges against Asil Nadir arise from the demise of the Polly Peck empire in 1991, which was triggered by the announcement of a Serious Fraud Office investigation into the company.
There are a number of creditors and shareholders, who, together with the Inland Revenue, claim that Asil Nadir owes them some GBP374million. It is alleged that he falsified company accounts in order to inflate the share price, and that he also siphoned off millions to bank accounts in North Cyprus.
It should be remembered that, since 1974, North Cyprus has been a separate administration outside of the Greek Cypriot controlled Republic of Cyprus. UK extradition agreements do not extend to North Cyprus, nor are the local banks subject to international scrutiny.
A question which has intrigued commentators is why, after so much time, has Asil Nadir decided to return to the UK and face trial, and possibility imprisonment.
In the 2009 general election, the National Unity Party (UBP) won. Mr Nadir had supported this party, and it is often alleged that the award of a contract to manage freight services from Gecitlake airport in 2010 was a reward for his support.
However, the presence of fugitives from justice in North Cyprus has become an embarrassment for the North Cyprus administration. Several prominent fugitives, including Gary Robb, have been deported from North Cyprus to the UK. Most of the fugitives who have been expelled from North Cyprus have been foreigners and their crimes have often involved drug dealing and violence. Mr Nadir hardly falls into this category, and more importantly, he is a North Cypriot national. Nevertheless, it is possible that both Mr Nadir and the North Cyprus administration took the view that he could not be guaranteed a safe haven in perpetuity. In addition, it is said that Asil Nadir longed to rejoin the international jet set circuit, and that his wife wanted to go shopping at Harrods in London.
Asil Nadir, and his wife Nur, are renting a house in Mayfair, with a rent of allegedly GBP20,000 per month. There are severe restrictions on his freedom in the UK, while he is awaiting trial. He is unable to leave the UK, he is electronically tagged and has to report to a police station every week.
In addition to the fraud charges, he is an undischarged bankrupt. The trustee in bankruptcy, Mr Hellard, will be watching developments with intense interest. Asil Nadir's opulent lifestyle suggests to Mr Hellard that Mr Nadir has significant assets. Mr Hellard is empowered to interview Mr Nadir and demand disclosure of worldwide assets. It is likely that this second line of enquiry will prove to be a mere irritation to Mr Nadir and his lawyers, and will be overshadowed by the Serious Fraud Office investigation and prosecution.
The passage of time will work in favour of Asil Nadir. Documents have been mislaid, and witnesses have died. Also, the main body of paper documents is in an unstable state and have possibly been contaminated in storage. Computer files are also likely to have been lost or corrupted.
It is vital that the UK authorities proceed against Mr Nadir in a professional way. Press interest has been heightened by statements from the Serious Fraud Office about the forthcoming prosecution. It can be argued that such statements are likely to prejudice Mr Nadir from having a fair trial, and it would be appropriate for the Serious Fraud Office to conduct its investigation with more reticence.
In any event, any trial will inevitably be delayed into 2012, and Mr Nadir is correct in arguing that this is unfair. In the meantime, the media interest will continue to show Asil Nadir in an unfavourable light. This may well mean that it could be exceedingly difficult to appoint an impartial jury.