Forensic Accountants Used To Trace ‘Penniless’ Nadir’s Millions

Just as forensic accountants and investigation agencies were able to piece together the proof for the trial last month of former Polly Peck head Asil Nadir, they will have to set to work again to find the alleged millions the disgraced businessman is said to be hiding offshore, as he is claiming penury.

Nadir was found guilty of 10 charges of theft from Polly Peck in the late 1980s and sent to prison for 10 years. Now the prosecution has just applied for a £28.8 million compensation order, which would be used as compensation for his victims.

However, Nadir, who was chauffeured to court in a limousine daily during the trial and lived with his wife in a £23,000 per month Mayfair house, says that he has no assets and that his extravagant lifestyle while in London was through the generosity of friends and family.

But the prosecution says that Nadir has a “history” of failing to disclose his assets dating back to his bankruptcy in 1992.

As far back as 1989, when an independent investigation was made by the Accountant’s Joint Disciplinary, the report concluded that he was “able to initiate transfers of funds out of (Polly Peck’s) London bank accounts without question or challenge”.

The investigators at that time also found that some of the company’s assets had been secretly registered in Nadir’s name in Northern Cyprus, at which time he was charged with false accounting and theft. However, he skipped bail in London and fled to Northern Cyprus where he remained until 2010, returning voluntarily for this latest trial.

During the compensation hearing, the prosecutors said that Nadir had “failed to produce full and frank disclosure of his financial resources and also said that there had been “no explanation about the whereabouts of a painting and jewellery he bought in 1989 using Polly Peck money.”

As an accountant; Roger Isaacs specialises within business turnaround and business valuation.

Posted in Blog, The Forensic Blog.