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Tycoon ordered to pay back PS5m; BRITAIN TODAY COURT.

DISGRACED tycoon Asil Nadir was yesterday ordered to pay back PS5m of the money he stole from his Polly Peck business empire - or face a further six years in jail.

Nadir was jailed for 10 years in August after being found guilty of stealing PS28.8m from the company and its shareholders.

He later claimed to be penniless after prosecutors demanded PS60m should be paid in compensation and interest to the administrators.

Polly Peck, a leading stock exchange conglomerate, collapsed in 1990 after Nadir stole money which he sent abroad through a complex series of companies.

Mr Justice Holroyde, sitting at the Old Bailey, rejected his claims of poverty and said he believed Nadir had money stashed away.
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Publication:The Journal (Newcastle, England)
Date:Nov 3, 2012
Words:118
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