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Polly pock com4/7/2023 ![]() ![]() In 1987 PPI acquired a majority interest in Palmon (UAE) Ltd., a manufacturer of casual shirts. Nadir then extended PPI's textile operations into the Far East, acquiring a majority stake in Impact Textile Group in 1986, and by increasing PPI's existing stake in Shuihing Ltd. in the United States, and a majority stake in InterCity PLC in the UK. In 1983, Nadir also began expanding PPI's textile business by purchasing a 76 percent stake in Santana Inc. Niksar subsequently sold an estimated 100 million bottles of water to the Middle East. This capital, plus a further £6 million from Polly Peck, was used to set up the 'Niksar' mineral water bottling plant in Turkey. Nadir had Cornell sell a rights issue, raising £2.76 million. Cornell rose from 26p to over 100p as soon as Nadir's interest was confirmed. In September 1982 Nadir acquired a major stake of 57% in a textile trader, Cornell, whose shares were considered penny shares. Voyager Kibris Ltd was used to purchase the Sheraton Voyager Hotel in Turkey and to build resort hotels in Northern Cyprus. ![]() Uni-Pac was a corrugated box manufacturer and packaging company formed to take advantage of surplus citrus fruit being grown in Cyprus, which was forecast to produce a minimum of £2.1 million profit. These included Uni-Pac Packaging Industries Ltd, Voyager Kibris Ltd, and Sunzest Trading Ltd, three companies incorporated in the Turkish Republic of Northern Cyprus. On 8 July 1980 Polly Peck launched a rights issue to raise £1.5m of new capital for investments abroad. Īsil Nadir took over as Chief Executive on 7 July 1980. Early in 1980 Restro Investments, a company Nadir controlled, bought 58% of the company for £270,000. The rapid boom years īy the end of the 1970s the fashion house was struggling. The clothes were designed by Sybil, and the business end was handled by Raymond. ![]() Polly Peck began in 1940 as a small fashion house, founded by the husband-and-wife team of Raymond and Sybil Zelker. On 23 August 2012 at the Old Bailey he was sentenced to 10 years in prison. Nadir was found guilty on 10 counts of theft totalling £29m. Prosecutors alleged that he stole more than £150m from Polly Peck and he faced trial on 13 specimen charges totalling £34m. On 26 August 2010 Nadir returned to the UK to try to clear his name. Polly Peck was one of several corporate scandals that led to the reform of UK company law, resulting in the early versions of the UK Corporate Governance Code. Polly Peck International (PPI) was a small British textile company which expanded rapidly in the 1980s and became a constituent of the FTSE 100 Index before collapsing in 1991 with debts of £1.3bn, eventually leading to the flight of its CEO, Asil Nadir to Northern Cyprus in 1993. ![]()
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