North Cyprus Fantasy

ASIL NADIR FACES BANKRUPTCY CLAIM

Mr Asil Nadir, accompanied by his delightful wife, Nur, returned to the UK in August 2010, in order to await trial for fraud.

His arrival in the UK has stimulated interest in the Polly Peck magnate but a bankruptcy proceedings which lay dormant for 17 years may re-emerge.

In addition to the fraud case, the 69 year old businessman is also facing an ancillary investigation as he has never been officially discharged of his bankruptcy status.

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ASIL NADIR - BANKRUPTCY CLAIM

Bankruptcy is usually dismissed after a year but because Mr Nadir fled the country in 1993, his status as a bankrupt was maintained.

Kevin Hellard, head of the fraud insolvency division at accountants Grant Thornton, is the trustee in bankruptcy of Mr Nadir and responsible for investigating his worth.

He will be seeking an interview with the Polly Peck magnate to examine the extent of the assets Mr Nadir has acquired since he was made bankrupt in 1992.

Creditors, including Polly Peck itself, banks, brokers and the Inland Revenue, claim Mr Nadir personally owes them a total of £374.6 million.

The businessman is expected to strongly contest the amount and Mr Hellard will need to decide what monies are owed.

“I need to ascertain the extent of Mr Nadir's assets in northern Cyprus and work out what is due to his creditors,” he told The Daily Telegraph.

“If he has assets there or anywhere else, I would expect Mr Nadir to release them or reach a settlement with me which acceptable to his creditors

North Cyprus Senator
The Senator's Villa in North Cyprus

“When he is in the UK, he is expected to co-operate with the authorities. He has surrendered his passports and will be tagged – it will help to know where he is.”

Mr Hellard – who is the fourth trustee in bankruptcy since Mr Nadir fled – said he expects to be given access to Mr Nadir's full financial records for the period of his bankruptcy.

He wants Mr Nadir to explain how he can afford to rent a four-storey property in Mayfair which is understood to cost £20,000 a month.

'Seventeen years has elapsed since he was made bankrupt, and I need to investigate what appears to be his opulent lifestyle'.

“I am very interested in how he is funding his Mayfair flat – it is a question I am entitled to ask.'

North Cyprus Senator

Who is the Senator living in North Cyprus ?

“He has apparently built up a media empire in northern Cyprus, with property'.

“Mr Nadir has a legal obligation to co-operate with the trustee and the trustee can enforce that'.

“To the extent that somebody doesn't co-operate with me, I can go through the courts.

“If that co-operation is not forthcoming, then ultimately you are in contempt of court.”

Mr Hellard said he would be following closely the Serious Fraud Office case as it is presented in the UK court.

Although the matter of bankruptcy is a sideshow in comparison to the Serious Fraud Office prosecution, it could nonetheless both embarrass Mr Nadir and distract his focus from the main event. The powers of a UK Trustee in Bankruptcy are considerable and Mr Hellard could apply to the Court for a direction requiring Mr Nadir to provide full information concerning his business interests in North Cyprus and elsewhere.

 

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