Asil Nadir circus comes to town
Amidst all the glitz and glamour of the return of former Polly Peck leader Asil Nadir it is easy to forget that he is back to face accusations that he stole £34 million from the company prior to shareholders losing everything. It is unclear exactly why he has returned to the UK although he has been promised he will not spend time in prison prior to his trial, which could be anything up to 2 years away!
It is believed that the worst-case scenario prior to the trial could see Asil Nadir wearing a tag to ensure his whereabouts is known by the authorities. It will be interesting to see how this particular affair develops because there are rumours and counter rumours that a deal has already been struck with the UK government which could see him avoid a prison sentence even if found guilty.
There is no doubt that certain areas of the media are supportive of the business tycoon and other areas are keen to see him found guilty. He believes he has already put forward sufficient evidence to clear his name and indeed has accused the authorities of abusing their position. This will be one of the more interesting and volatile trials of recent times!
Share this..
Related stories
National Express shares in demand
It has been a rollercoaster period for National Express shareholders with a potential bidder walking away after months of negotiations, the company's bankers increasing pressure and last week we saw Stagecoach emerge as a possible merger partner. However, National Express directors stand accused by some in the city of attempting to "ramp up" the share price ahead of a planned rights issue next wee...
Read MoreBarclays Bank under pressure for taking the Middle East funding
While Barclays Bank may have assumed taking the Middle East funding in order to retain total independence from any conditions attached to the government rescue bid was a good move in the short term many investors are up in arms now that the increased price of the funding has been revealed. The cost of the £7 billion raised was substantially higher than if the bank had used the governments bailout...
Read MoreWith Zoom Down Who Will Be Next?
As news filters through that Zoom airline is now dead and buried, leaving thousands of passengers out of pocket and many stranded, the guessing game goes on as to who will be next to feel the heat. While Zoom join a list which includes MaxJet, Eos and Silverjet many believe that this is just the start of the action and many more will fold as the price of oils continues to remain relatively high.<...
Read MoreSainsbury's set to take advantage of the downturn
Sainsbury's has today released plans for a significant expansion of the company's operations which will see store space increased by 15% before March 2011. In a bold move the Sainsbury's management have decided to use problems for some of their competitors to grab a larger share of the UK grocery market. Today's announcement was followed by a £432 million fund-raising exercise which will be compl...
Read MoreFSA warns MPs about bank bonuses
The Financial Services Authority (FSA) has this evening warned MPs that they must not "pass the buck" with regards to the regulation of bank bonuses in the future. Despite the fact that the UK government was firmly behind an increase in regulatory powers, which would effectively allow the FSA to dictate how and when bonuses were agreed, the UK government seems to be taking a step back.