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A Vindicated Turkey, Now Investment Grade

For years, Turkey was looked at as that economy that could only be vindicated with full induction into the European Union. But it’s done quite well without that ribbon, thanks. Its stock market is surging and government borrowing costs are plunging. Foreign direct investors want in. Turkey ca...

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SNC's Space Systems Dream Chaser Flight Vehicle Arrived at NASA

EDWARDS, Calif., May 15, 2013 /PRNewswire-USNewswire/ -- Sierra Nevada Corporation's (SNC) Space Systems Dream Chaser flight vehicle arrived at NASA's Dryden Flight Research Center in Edwards, Calif., Wednesday to begin tests of its flight and runway landing systems. The tests are part of p...

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Dream Chaser Begins Testing at NASA

The Dream Chaser space vehicle from the Sierra Nevada Corporation will begin testing of its flight and runway landing systems at NASA’s Dryden Flight Research Center in Edwards, California. The Dream Chaser is another commercially built spacecraft that is being built as part of NASA’s C...

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Turkish PM Attends Ceremony for Turkish-American Culture, Civilization Center

Turkish Prime Minister Recep Tayyip Erdogan on Wednesday attended a groundbreaking ceremony for the Turkish-American Culture and Civilization Center in Maryland. Speaking at the ceremony, Prime Minister Erdogan said that the multi-functional monument would be the honor of the (Turkish) nation. Erdo...

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New York Gets Turkish Flavour thanks to Istanbul 2020 for Turkish Day

Istanbul 2020 is helping bring the Grand Bazaar of Turkey – including its hospitality and cuisine – to New York’s Grand Central Station for the 32nd New York Turkish Day. The Federation of Turkish American Associations decked the Grand Central Terminal with Turkish decorations and...

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A Vindicated Turkey, Now Investment GradeA Vindicated Turkey, Now Investment Grade
2013-05-21 00:52:29 
For years, Turkey was looked at as that economy that could only be vindicated w...
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SNC's Space Systems Dream Chaser Flight Vehicle Arrived at NASASNC's Space Systems Dream Chaser Flight Vehicle Arrived at NASA
2013-05-21 00:44:53 
EDWARDS, Calif., May 15, 2013 /PRNewswire-USNewswire/ -- Sierra Nevada Corporat...
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Dream Chaser Begins Testing at NASA Dream Chaser Begins Testing at NASA
2013-05-16 22:37:25 
The Dream Chaser space vehicle from the Sierra Nevada Corporation will begin te...
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Asil Nadir, Cypriot Tycoon Found Guilty PDF Print E-mail
2012-08-22 09:21:28
Image Asil Nadir, the Turkish Cypriot businessman who fled from Britain to Cyprus, returning two years ago, has been found guilty of three counts of theft following a six-month trial. A jury at the Old Bailey cleared Nadir, after initial confusion, of one other count but is still considering a further nine counts after being given a majority direction. The verdicts draw to a close a high-profile prosecution brought by the Serious Fraud Office which had alleged that Nadir (71) had “abused” his power as chairman and chief executive of Polly Peck, a company he had helped to build into an international business.
The six-month trial has lost an estimated five weeks due to jury illness and two jurors had to be discharged. At times the case has been highly technical, with prosecutors going into great detail about offshore companies.

Nadir faced 13 specimen counts of theft amounting to £34 million between 1987 and 1990.

During the trial, he was accused of using millions of pounds “stolen” from Polly Peck secretly to buy shares to support the conglomerate’s stock price, to buy expensive properties for himself and relatives and to pay for his horse racing interests.

The Turkish Cypriot tycoon, who “fled” the country in 1993 and returned in 2010, “helped himself to tens of millions of pounds” of Polly Peck’s money in transfers amounting to more than £146 million, the Old Bailey heard the Serious Fraud Office allege. Nadir had denied the charges.

Philip Shears QC, prosecuting, told the jury a number of offshore firms were used by Nadir to carry out the covert purchase of shares and options. A “primary purpose” was to bolster the company’s share price, he told the court.

Mr Shears told the court that each penny rise on the Polly Peck share price increased the value of Nadir’s disclosed shareholding by, for example, £950,000 in December 1989.

The court heard Nadir used £4 million of “stolen” money to buy real estate for himself and his relatives, including £2 million that was put towards a country mansion worth £7 million at Burley on the Hill in Rutland. The court also heard that former prime minister Margaret Thatcher was urged by Turkey to help save Nadir’s ailing Polly Peck conglomerate from collapse in 1990.

Turgut Ozal, then president of Turkey, wrote to Mrs Thatcher in September 1990 as the firm’s share price was plummeting, asking that the UK government let “no undue harm” be done to the company “that has been a useful bond between Turkey and the UK”, the court heard.

Günes Taner, Turkish finance minister, also wrote to then foreign secretary Douglas Hurd telling him the Turkish government was “examining what support Turkey can give to Polly Peck International at this time”, urging that the UK government assist by arranging for Polly Peck’s lending banks “to hold the situation steady in the meantime”.

Nadir told the jury, however, that the president later received an ultimatum from Mr Hurd in the form of a message one Saturday – that if £100 million were not there by the following Monday, “everything is over”. – (JANE CROFT- http://www.irishtimes.com - Copyright The Financial Times Limited 2012)
Last Updated ( 2012-08-22 09:23:26 )
 
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