Asil Nadir, Former Polly Peck Tycoon and Fugitive, Dies at 83

Asil Nadir, the Turkish Cypriot businessman who once fled justice after being accused of embezzling millions from his British conglomerate, Polly Peck, has passed away at the age of 83, his wife announced in a social media post.

Nadir had been receiving treatment at a hospital in the Turkish Cypriot-controlled northern Cyprus and passed away overnight, according to reports from Turkish media citing hospital officials.

Once among Britain’s wealthiest men and a prominent Conservative Party donor, Nadir was accused of siphoning funds from Polly Peck, a fruits-to-electronics empire that saw remarkable success in the 1980s. Prosecutors claimed he used the money to finance a lavish lifestyle, including purchasing antiques, racehorses, and luxury properties.

In 1993, before standing trial, Nadir fled Britain in a private jet to northern Cyprus, a self-declared state recognised only by Turkey and lacking an extradition treaty with the UK. He spent the next 17 years living discreetly in a secluded villa overlooking the Mediterranean, occasionally speaking to the media, maintaining his claims of innocence, and arguing that he would not receive a fair trial in Britain.

In 2010, Nadir voluntarily returned to the UK, vowing to clear his name. However, in 2012, a British court convicted him of embezzling millions from Polly Peck. The company had originally been a struggling textiles manufacturer when Nadir acquired it, but under his leadership, it became a major business empire with brands such as Japan’s Sansui Electric and a division of Del Monte fruits.

Sentenced to 10 years in prison, Nadir applied in 2016 to serve the remainder of his sentence in Turkey. After his transfer, he was released after just one night in jail.

At its peak, Polly Peck was one of the best-performing stocks on the London Stock Exchange. Nadir was celebrated by Margaret Thatcher’s Conservatives as a key donor and was a frequent visitor to Downing Street. However, Polly Peck’s spectacular collapse was one of Britain’s most notorious corporate failures, leaving thousands of shareholders and employees financially devastated. Many saw its rise and fall as symbolic of 1980s financial excess and a warning sign for future economic crises.

Although Nadir admitted to taking money from Polly Peck, he maintained that he always balanced the accounts by reinvesting funds into other parts of the business.

From Humble Beginnings to Corporate Tycoon

Born in 1941 in Lefke, Cyprus, Nadir began his entrepreneurial journey selling newspapers on the streets at the age of six. His breakthrough came when the Turkish Cypriot administration invited him to take over crop export plants on fertile land seized from displaced Greek Cypriots in the 1970s.

In northern Cyprus, Nadir expanded his business empire, investing in real estate and media. He sold his media holdings in 2022, but a bank he chaired, Kıbrıs Endüstri Bank, was seized by Turkish Cypriot banking authorities in 2002 during a financial crisis that shook the small enclave.

A Divisive Legacy

Despite his legal troubles, Nadir remained a charismatic and influential figure. In northern Cyprus, he was revered as a generous benefactor, supporting the economically isolated breakaway state.

However, he was also viewed as an opportunist by Greek Cypriots, who accused him of profiting from land and agricultural resources seized after Cyprus was ethnically divided following the 1974 Turkish invasion, which was triggered by a short-lived Greek-backed coup.

Nadir’s controversial legacy remains deeply intertwined with the economic and political history of both Cyprus and the UK.