The 71 year old appeared at a compensation hearing in September and told the court that he has no assets and has been relying on friends and family for funding – a claim labelled by the prosecution as ‘a sham’.
After the trial Mr Nadir and his lawyers said that they intended to appeal the verdict. However during Bayram, there were unconfirmed reports that Mr Nadir is giving up his appeal. It is said that he is worried that if he were to lose his appeal then his original sentence may be lengthened.
Mr Nadir was sentenced to 10 years for embezzling nearly £29 million from Polly Peck during the 1980’s. The company then collapsed in 1990 owing £550 million.
Separately, in the UK the Serious Fraud Office decided not to pursue the Conservative party for donations from Mr Nadir totalling £700,000 which were believed to have been funded by money stolen from Polly Peck.