Asil Nadir, the Turco-Cypriot business tycoon who made a fortune through his Polly Peck empire, passed away at the age of 83. Nadir’s life was marked by both immense success and scandal, as he rose to become one of the richest men in the UK, only to be forced into exile and later face financial ruin.
Born in 1938 in Cyprus, Nadir moved to the UK with his family at a young age. He studied engineering at University College London and later worked as an engineer for various companies before striking out on his own.
In the 1970s, Nadir founded Polly Peck, a textiles company that quickly expanded into the manufacturing and retail sectors. The company became a global brand, with operations in over 30 countries and a workforce of over 10,000 people. Nadir’s success was meteoric, and he became one of the richest men in the UK, with an estimated fortune of over £1 billion.
However, Nadir’s business empire was built on questionable financial practices and allegations of fraud. In 1990, Polly Peck collapsed, leaving thousands of investors and employees stranded. Nadir was accused of siphoning off millions of pounds from the company to fund his lavish lifestyle and to invest in other business ventures.
The collapse of Polly Peck led to a prolonged legal battle, with Nadir facing charges of fraud and false accounting. In 1992, he fled the UK and returned to Cyprus, where he remained in hiding for several years.
In 2008, Nadir returned to the UK and was arrested and charged with 66 counts of fraud. He was found guilty of using company funds to pay for personal expenses, including a £12 million mansion in Surrey and a private jet. Nadir was sentenced to 10 years in prison, but was released on bail in 2010.
After his release from prison, Nadir’s health began to decline, and he was diagnosed with Alzheimer’s disease. He spent his final years in exile, living in Cyprus and Turkey.
Asil Nadir’s life was marked by both immense success and scandal. While he built a business empire that made him one of the richest men in the UK, his actions also led to the collapse of Polly Peck and the loss of thousands of jobs. His legacy serves as a cautionary tale about the dangers of unchecked ambition and the importance of ethical business practices.
Nadir is survived by his wife and children, who will no doubt be left to sort out the complicated legacy of their father’s business empire. As the world bids farewell to this complex and enigmatic figure, it is worth remembering the highs and lows of his remarkable life, and the lessons that can be learned from his story.
