Fugitive tycoon Asil Nadir has been granted bail by an Old Bailey judge

Fugitive tycoon Asil Nadir has been granted bail by an Old Bailey judge, paving the way for him to return to the UK to stand trial on theft charges.

Mr Nadir fled to northern Cyprus in 1993 to avoid a £34m fraud trial centred on the collapse of his Polly Peck business empire.

Last month he indicated he would stand trial in the UK if it was guaranteed he would not be remanded in custody.

Mr Nadir, who faces 66 counts of theft, has always denied any wrongdoing.

Judge Mr Justice Bean said he hoped the granting of bail would end the "legal limbo" surrounding Mr Nadir.

He also revoked an arrest warrant for Mr Nadir and imposed 10 bail conditions.

These include Mr Nadir having to appear in court for a hearing on 3 September.

Company collapsed

Mr Nadir's Polly Peck empire included business interests as diverse as electronics, fruit and hotels.

He built it up from a small firm making cardboard boxes to one of the world's biggest distributors of fresh food, including the Del Monte brand.

The company was one of the fastest growing on the London stock market in the 1980s, with some shareholders seeing returns 1,000 times greater than their original investment.

In the summer of 1990 Mr Nadir was named 36th in the Sunday Times Rich List. Just weeks later Polly Peck's share price plunged after the Serious Fraud Office raided a company linked to the tycoon and the firm collapsed in 1991.

You Might Also Like :