SFO - Serious Fraud Office

Asil Nadir sentenced

23 August 2012

Asil Nadir has been sentenced today to ten years' imprisonment.  This follows his conviction this week of the theft of nearly £29 million pounds between 1987 and 1990 from Polly Peck International, the company he led until its collapse in 1990. 

The sentences relate to ten counts of theft contrary to section 1(1) of the Theft Act 1968.  The defendant was acquitted on three other counts of theft. (See notes 1 and 2). 


Sentences
 

The presiding judge was the Hon Mr Justice Holroyde. 

On seven of the counts (1, 2, 3, 5, 6, 7 and 8) there will be concurrent sentences of five years' imprisonment.  On the other three counts (10, 12 and 13) there will be concurrent sentences of five years' imprisonment with each other but consecutive to the other seven sentences.  The total sentence therefore is ten years.  Half of this sentence is to be served after which the defendant will be released on licence for the remainder of the total term. 

The ten counts on which the defendant has been convicted total £28.6 million and US$500,000 (with a sterling equivalent at the time of nearly £300,000).  This would represent more than £60 million today. 

Matters relating to compensation and costs are to be heard on 27 September 2012. 

 

Notes for editors: 

  1. A copy of the indictment is attached to the electronic distribution today of this press release.   
  2. Verdicts were returned by a jury of ten on 20 and 22 August. Of the ten guilty verdicts nine were unanimous. One other (count 5) was a majority verdict (i.e. nine/one).  The not guilty verdicts relate to counts 4, 9 and 11. 
  3. SFO press release of  22 August  confirmed the verdicts. 
  4. David Green CB QC became Director of the Serious Fraud Office on 23 April 2012.

   

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