Nadir 'Used Stolen Funds For Homes And Horses'
Money allegedly stolen by former Polly Peck boss Asil Nadir may have been used to indulge his passion for horse racing, a court has been told.
The Old Bailey was told that a year before Polly Peck International (PPI) went into administration, more than £14,000 was paid by cheque to Jenny Pittman Racing.
It is alleged the sum came from money Nadir had stolen to benefit himself and his family.
Phillip Shears QC for the prosecution said: "It's interesting to see where the stolen PPI money ends up."
The court also heard how Nadir spent millions allegedly stolen from Polly Peck to buy expensive properties in the UK.
Some £2m was put towards the £7m purchase of Burley on the Hill, an extensive mansion and estate which Nadir had hoped to develop into a hotel and two golf courses, it was claimed.
The court heard how almost £2m also went on the deposit for offices in London's Park Lane and £120,000 towards Nadir's one-time London home in Mayfair.
The prosecution also alleges the 70-year-old used money he stole from his empire to bolster its share price.
It is claimed he used a series of companies based abroad to secretly buy thousands of shares in Polly Peck, thereby inflating the company's stock exchange rating and with it, Nadir's personal wealth.
"Each penny on the share price of PPI increased the value of Asil Nadir's disclosed shareholding," Mr Shears told the court.
"So it was important to support the share price or increase it."
The jury heard Polly Peck folded with debts of £550m in 1990. Nadir is accused of siphoning off almost £150m from the company in the three years before.
He is facing trial more than 20 years after the crimes are said to have been committed on 13 "sample" charges that claim he stole £34m from PPI.
Nadir denies all the allegations. The trial continues.