ASİL NADİR: RISE AND FALL
Turkish Cypriot businessman Asil Nadir went down in history as one of the most remarkable business people of the Turkish Cypriots with his rapid rise in the business world, his global successes and his eventual collapse.
HIS EARLY YEARS AND HIS STEP INTO THE BUSINESS WORLD
Asil Nadir was born on May 1, 1941 in the town of Lefke, Cyprus. He started his business life in his father's drapery shop. He attracted attention with his commercial acumen at a young age and decided to enter the business world. He moved to England in the 1960s and entered the textile industry. Here he began to acquire a great fortune in a short time with his successful investments.
In 1979, he acquired a small textile company called Polly Peck International (PPI). With his smart investments, innovative approaches and aggressive expansion policy, he quickly made Polly Peck one of the fastest growing companies on the London Stock Exchange. The company's portfolio has expanded to include different sectors such as electronics, food and agriculture, as well as textiles. Nadir also attracted attention with his investments especially in Türkiye and the Turkish Republic of Northern Cyprus.
RISE TO THE TOP
The 1980s were Asil Nadir's golden age in the business world. Polly Peck International rose rapidly on the London Stock Exchange, reaching a value of billions of dollars. The company acquired important brands such as Tropicana juices, Del Monte canned goods and Japanese electronics brands. During this period, Nadir became an important figure in both the business world and the political scene. He established strong connections in England's political and economic circles.
COLLAPSE AND LEGAL PROCEDURES
In the early 1990s, Polly Peck International began to experience financial difficulties. British authorities detected large deficits in the company's accounts. In 1990, the company went bankrupt and the British authorities launched an investigation against Asil Nadir on charges of financial irregularities and fraud.
In 1993, he fled England due to the accusations against him and took refuge in the Turkish Republic of Northern Cyprus. Since the TRNC did not have an official extradition agreement with the UK, Nadir stayed there for years. During this period, he invested in the media sector by establishing the Cyprus Media Group and tried to maintain his influence in the business world.
However, he made a surprise return to England in 2010 and agreed to stand trial. After a long trial process, the courts in England sentenced Asil Nadir to 10 years in prison in 2012. The court found that Nadir embezzled approximately £29 million from Polly Peck.
HIS RELEASE AND LAST YEARS
Asil Nadir was paroled in 2016 and returned to the Turkish Republic of Northern Cyprus. Although he tried to return to the business world after being released from prison, it was not possible for him to regain his former strength. Nadir, who spent his last years in TRNC, died in the evening of February 9, 2025, at the age of 82.
