Fugitive Polly Peck Tycoon Gets Legal Aid

A businessman accused of stealing millions of pounds before going on the run has been granted legal aid.

Asil Nadir was arrested in 1990 following the collapse of his Polly Peck business empire but fled to Northern Cyprus in 1993.

He is accused of stealing £34m from his billion-pound company and faces 13 charges of false accounting.

Nadir returned to Britain after 17 years in August last year and is due to stand trial next January.

The Legal Services Commission said he had his finances assessed before the legal aid decision was made and will still make a "substantial" contribution to his own legal costs.

The LSC said it is currently investigating the former fugitive's capital assets and if he is found guilty he may be required to pay a further contribution.

"The legal aid funding will be managed under a case plan by a specialist team at the Legal Services Commission and the costs incurred will be closely monitored," it said.

"The legal aid rates paid by the LSC for these cases range from £30 - £145 per hour. This is considerably lower than most solicitor firms charge privately."

Polly Peck was a huge City success story, delivering returns to shareholders of up to 1,000 times their original investment.

In the summer of 1990, Nadir was named 36th in the Sunday Times Rich List, had numerous luxury properties, an island in the Aegean and a dozen racehorses.

He was also a major Tory party donor and a frequent visitor to Downing Street.

But that same year a bankruptcy petition was lodged against him by his own stockbrokers demanding payment of £3.6m.

The Serious Fraud Office launched an investigation and Polly Peck shares crashed, sparking the company's collapse in 1991.

A pre-trial hearing is due to take place on November 10 before the trial at the Old Bailey, set to last up to four months, begins two months later.

Nadir is on conditional bail.