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03/09/2010
Asil Nadir Remanded On Bail
Tycoon Asil Nadir has been remanded on bail at the Old Bailey following his first appearance at the court to face fraud and theft charges over the collapse of his Polly Peck business.
The 69-year-old is due to appear at another hearing on October 15.
Mr Nadir fled from the UK to northern Cyprus in 1993, amid allegations that he had secretly transferred £34 million out of his company, which led to its collapse in 1990.
He was charged with 66 counts of theft, but he travelled to his native Cyprus, which does not have an extradition treaty with Britain.
Mr Nadir has strongly protested his innocence in the case.
Mr Nadir has been ordered to be tagged and subjected to a curfew between midnight and 6am as part of his bail conditions. He also has to surrender his passport, report to a police station once a week and is banned from going near any airport.
Due to the complexity of the allegations facing Mr Nadir, a trial is not expected to take place until 2012.
(KMcA/GK)
The 69-year-old is due to appear at another hearing on October 15.
Mr Nadir fled from the UK to northern Cyprus in 1993, amid allegations that he had secretly transferred £34 million out of his company, which led to its collapse in 1990.
He was charged with 66 counts of theft, but he travelled to his native Cyprus, which does not have an extradition treaty with Britain.
Mr Nadir has strongly protested his innocence in the case.
Mr Nadir has been ordered to be tagged and subjected to a curfew between midnight and 6am as part of his bail conditions. He also has to surrender his passport, report to a police station once a week and is banned from going near any airport.
Due to the complexity of the allegations facing Mr Nadir, a trial is not expected to take place until 2012.
(KMcA/GK)
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