Polly Peck was a food packaging firm that was involved in many areas, food, hotels, hospitality etc. The firm collapsed in 1990 after failing to pay creditors; £700m was unrecoverable from the subsidiaries. He famously fled to Cyprus where the authorities couldn't catch up with him. In an interview with the BBC this week he stated that he was subject to unfair injustice back in the early 90's hence his sudden departure which he states he had to do to care for his health.
The company started to face problems after, it was rumoured, that Turkey decided to withdraw tax concessions. His share prices hit £35 and then collapsed. He acquired Del Monte (he famously became The Man from Del Monte after the scandal) and had businesses in Cyprus and Turkey. Unusually he was the single cheque signatory for the company and that seems to be where the problems began by all accounts.
The story behind the story... Mr. Nadir was a Conservative party donor, a personal friend of Margaret Thatcher and goodness knows who else in the Tory party. There is the case of the watch that he presented to Michael Mates, who was Northern Ireland Secretary, with an inscription 'don't let the buggers get to you'.
So why does he return now and who will turn their backs on him, and who will stand by his side ? Ironic too that Michael Mates' son presented the lunchtime edition of the ITV news.
Mr. Nadir faces court initally on 3rd September - when the trial begins I wonder how many times he'll utter the words "I don't remember" ?