BusinessBusiness RecoveryGrant Thornton wants to grill Asil Nadir

Grant Thornton wants to grill Asil Nadir

GT insolvency partner Kevin Hellard seeking talks with Asil Nadir for clarification of unresolved issues linked to bankruptcy proceedings begun 18 years ago

A Grant Thornton partner is seeking an interview with Asil Nadir over
unresolved bankruptcy issues now he has returned to the UK.

Kevin Hellard, a partner in the firm’s fraud and insolvency division, hopes
to speak to Nadir about his activities in Cyprus since the bankruptcy action was
taken in 1992.

Hellard wants to discover whether the former Polly Peck tycoon has assets
that can be clawed back for creditors.

Nadir emigrated to Northern Cyprus following the collapse of his company,
Polly Peck, in 1990 and a subsequent bankruptcy filing followed. He was charged
with fraud and theft but fled the UK before he was due to stand trial in 1993.
He returned to the UK last week to stand trial and is due to appear at the Old
Bailey on Friday.

‘As Mr Nadir’s Trustee in Bankruptcy I am pleased that Mr Nadir has been able
to agree terms on which he is able to return to the UK as I will now be able to
interview Mr Nadir about his activities whilst in Northern Cyprus and continue
with the bankruptcy investigation,’ said Hellard.

‘Mr Nadir has not been discharged from bankruptcy and we therefore need to
investigate if he has acquired any assets that can be recovered for his
creditors.

‘Now that Mr Nadir is in the UK, arrangements can be made to interview him to
clarify a number of unresolved issues.’

Hellard said that Nadir’s creditors had claimed debts of £374.6m in total,
with the main creditor being Polly Peck, which is now in administration. Debts
to Polly Peck stand at £262.5m, although this is being disputed by Nadir.

Other creditors include banks, brokers and HMRC, whose claims come from
Nadir’s involvement in Polly Peck.

Further reading:

Polly
Peck administrators see little concern in Nadir ‘s return

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