Former fugitive Nadir arrested in Britain 'for bail breach'

4th December 2010, Comments 0 comments

Cypriot tycoon Asil Nadir, who chose to return to Britain this year after 17 years as one of its most high-profile fugitives, was arrested on Saturday for an alleged breach of bail conditions, police said.

The businessman, who is on 250,000 pounds (300,000 euros, 400,000 dollars) bail ahead of a trial for multi-million-pound theft charges dating back to the early 1990s, was arrested in central London.

It is not yet known what the alleged breach is for, although Nadir's bail conditions include a curfew of midnight to 6:00 am and reporting weekly to a local police station.

A police spokesman said: "A 69-year-old man was arrested in central London today for a breach of his bail conditions."

Nadir left his luxurious lifestyle in Cyprus behind in August to fly back to Britain with his wife and lawyers after a London court ruled in July he could remain free on bail before and during his trial.

He immediately settled into a townhouse in one of the most exclusive districts of London.

The charges concern Nadir's conglomerate Polly Peck, which in its heyday was one of Britain's biggest companies, with interests in sectors ranging from textiles to electronics.

The tycoon became a darling of the London stock market in the 1980s as he oversaw Polly Peck's transformation from a small textile firm into a major company through a series of audacious takeovers.

The company entered the FTSE 100 stock exchange list of Britain's largest firms in 1989 -- but in 1990 it collapsed.

Three years later, Nadir was charged with 66 counts of theft.

But before his trial started, he fled to the Turkish-controlled north of Cyprus, where he was born and which has no extradition treaty with Britain. He has extensive business interests there, particularly in the media.

© 2010 AFP

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