Margaret Thatcher was asked by the Turkish president to intervene to save Polly Peck from financial ruin at the insistence of Asil Nadir, the Old Bailey has heard
Turkey's president asked Margaret Thatcher to save Asil Nadir's Polly Peck company from financial ruin, claiming it was the victim of a Greek-Cypriot plot, the Old Bailey has heard.
The 71-year-old tycoon, who denies stealing £150m from the collapsed business, said he flew to Turkey for a private meeting with Turgut Özal shortly after the company was put into administration. Jurors were shown a letter sent by then-president Özal to Downing Street in 1990 claiming that Nadir was the victim of a campaign to undermine Polly Peck International (PPI) by Greek Cypriots.
He added it was part of an attempt to destabilise Turkish-controlled northern Cyprus, the court heard.
Nadir, who described himself as a "visionary", said: "I saw that to my mind I felt it was a political problem and I needed political help. I approached the then president [and] went and had a long meeting with him."
The letter from Özal to Thatcher said: "Let no undue harm be done to a company that has been a useful bond between Turkey and the United Kingdom in their economic and commercial relations."
A second note was sent 16 days later by Turkey's finance minister to then foreign secretary Douglas Hurd, again asking the government to help save the business from failure.
He wrote: "We are examining what support Turkey can give to PPI plc at this time and would be grateful if Her Majesty's government could assist by making arrangements for PPI plc's banks to hold the situation steady in the meantime."
However, Hurd wrote back with an ultimatum calling for immediate repayment of £100m or "everything was over", the court heard.
Nadir said he blamed bankers, lawyers and advisers for allowing the company to collapse because they were "all there for themselves".
During his second day of evidence at the trial, he also revealed that he never agreed to call in administrators, but was overruled by his directors.
Describing his relationship with the board as "cordial and close" he added: "It had tremendous ideas. It was guided, if I may say, by a visionary."
The prosecution claims Nadir caused PPI's collapse by siphoning off £150m between 1987 and 1990, which he denies.
On Tuesday the court heard he fled Britain before his original trial in 1993 because he believed there was "zero chance" of a fair hearing. The trial continues.
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