Donor Kebabbedhttp://www.telegraph.co.uk/news/9487651/Asil-Nadir-convicted-of-three-counts-of-theft.html
http://www.channel4.com/news/articles/uk/asil+nadir+tory+donor+fugitive+tycoon/3753877.html
http://www.dailymail.co.uk/news/article-2190971/Recession-hits-political-parties-pockets-donations-plunge-1-million.htmlAsil Nadir convicted of three counts of theft
Former tycoon Asil Nadir, who left Britain almost 20-years ago following the collapse of his Polly Peck business empire, was finally facing justice today after being found guilty of thefts totalling almost £6 million.
The 71-year-old Turkish Cypriot was convicted of three counts of stealing from his company following a six-month trial at the Old Bailey.
He was cleared of one charge related to the theft of £2.5 million, but the jury will resume deliberations tomorrow, over a remaining nine charges involving sums of £25 million.
Nadir, who returned to Britain in 2010 after 17-years in his native Cyprus, had always denied allegations that he “helped himself” to millions of pounds from Polly Peck’s coffers to benefit himself, his family or his associates.
But following a hugely complex investigation and trial the former Tory Party donor and one time toast of the City of London, was found guilty of the theft of substantial amounts of money.
Nadir had been due to go on trial in late 1993, but in May of that year left Britain on a private jet, returning to his native Northern Cyprus, a territory without an extradition treaty with the UK.
He returned to Britain in 2010 vowing to clear his name, spurred on by what he described as a “burning sense of injustice”.
But his gamble appeared to have backfired today as he was left facing the prospect of a lengthy prison term.
Nadir, whose 28-year-old wife Nur accompanied him to court, looked shocked as the jury returned its guilty verdicts.
At its height Nadir’s Polly Peck International business empire was worth around £1.7 billion, boasting interests ranging from textiles and electronics to tinned fruit and packaging.
The company, which employed some 17,000 people, was listed on the FTSE 100 and enjoyed a period of booming profit.
But claims that Nadir had been transferring money to subsidiaries in Turkey and Northern Cyprus led the Serious Fraud Office to raid the offices of the company that controlled the Nadir family interests.
The company’s share price fell through the floor and Polly Peck collapsed with debts of £1.3 billion.
When Nadir returned to Britain from his self imposed exile in Cyprus, prosecutors charged him with 13 counts relating to the theft of £33 million.
But the jury were told that those were specimen charges and the overall figure was nearer to £146 million.
It was alleged that the money was used by Nadir to pay his tax bill, buy gifts for himself and his family and also to buy shares in his own company in order to prop up the stock market price.
Today the jury, which has been reduced to ten from the original 12 and has lost an estimated five weeks due to illness, delivered a majority verdict on four of the 13 charges.
Nadir was cleared of one count related to £2.5 million which it was alleged he had used to pay his income tax bill.
But he was convicted on three charges involving sums of almost £6 million.
On one count he was found guilty of stealing £1.3 million and using the money to secretly buy Polly Peck shares in order to bolster the Stock Exchange price.
Philip Shears QC, prosecuting, told the jury that a number of offshore companies were used by Nadir to carry out the covert purchase of Polly Peck International shares and options.
A “primary purpose” was to bolster the company’s share price which “enhanced the appearance of PPI as a successful company”, he told the court.
Nadir was also found guilty of stealing £1 million which was spent on antiques and a further £3.25 million which went on 19 different destinations.
The jury will continue its deliberations on the outstanding charges tomorrow.
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Labour the biggest loser as donations to all political parties plunge by £1 million
- Tories got the most cash gifts between April and June this year out of a total £7.8m handed to all parties
- More than half Labour's donations come from unions, but got £500,000 less than three months earlier
- A rift between union leaders and Labour over policy is being blamed
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Labour appear to be the biggest loser as donations to political parties slumped by £1million in the last three months.
A row between Ed Miliband's party and unions over policy and opposition to cuts has meant they lost £500,000 of funding between April and June this year.
It appears that Britain's worst double dip recession in 50 years has also hurt other political parties, as in the same period a total of £7,873,478 in cash donations were given, down £992,312 on the figure for the first three months of 2012, according to the Electoral Commission.
The Conservatives received £3,785,579, with Labour trailing behind on £2,964,471 and the Liberal Democrats on £717,797.
Feeling the pinch: Political parties have suffered a £1million slump in donations, but a slump in union support is being blamed
The figures show that financial support for the three main parties is dropping, and Labour is still relying heavily on union funding to help them through tough economic times.
Gifts to Ed Miliband's party included £840,275 from Unite, £429,558 from the Union of Shop, Distributive and Allied Workers, and £313,863 from the GMB union.
But some unions are unhappy with Labour's views on Coalition cuts, and plan to consider at their conferences this year whether they will continue to financially support the party.
And in the meantime some have been withholding money from subscriptions.
The Conservatives’ biggest donation was £512,450 from financier Michael Farmer, who was appointed co-treasurer of the party in February.
While the Liberal Democrats’ largest donation was £250,000 from Brompton Capital Limited, a real estate company.
Last year Nick Clegg was criticised after it was revealed he had Rumi Verjee, Brompton's owner, for dinner at his grace and favour home in Kent.
Declarations to the watchdog showed registered political parties owed £14,585,730 in outstanding loans, a slight fall on the last quarter’s figures.
The figures came amid an ongoing slump in donations for all the main political parties in Britain.
The amount of money in the Conservative Party’s coffers almost halved last year to its lowest level since 2003.
The party’s income slumped by 45 per cent in the year since the 2010 election, falling by almost £20million.
A slump was expected because the 2010 figure of £43.1million was swelled by donations to the general election war chest. The party also lost state funding on taking power.
Criticism: Nick Clegg came under attack last year after it was revealed he had dinner with Brompton's owner Rumi Verjee
But the latest figure is £7million lower than the year after the 2005 general election and reflects a wider dip in financial support.
Labour also saw income fall, from £36.3million to £31.3million, with its post-election slump tempered by defeat, making it eligible for ‘Short Money’ taxpayer support.
Despite losing state support, the Liberal Democrats drew in £6.2million – well down on the previous year’s £9.6million but only just short of its 2009 total.
The biggest leap was enjoyed by the Scottish National Party, which saw income more than double from £1.8million to just over £5million.
Read more: http://www.dailymail.co.uk/news/article-2190971/Recession-hits-political-parties-pockets-donations-plunge-1-million.html#ixzz247CpVORY
Monday, 20 August 2012
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