Polly Peck
Former British textile company / From Wikipedia, the free encyclopedia
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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 £1.3 billion, eventually leading to the flight of its CEO, Asil Nadir to Northern Cyprus in 1993.[1] 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.
Company type | Public |
---|---|
Industry | Fashion industry |
Founded | 1940 |
Defunct | 1991 |
Fate | Bankrupt & broken up |
Headquarters | London, UK |
Key people | Asil Nadir (CEO) |
Products | Textile |
Number of employees | Circa 17,000 |
On 26 August 2010 Nadir returned to the UK to try to clear his name. Prosecutors alleged that he stole more than £150 million from Polly Peck and he faced trial on 13 specimen charges totalling £34 million. Nadir was found guilty on 10 counts of theft totalling £29 million. On 23 August 2012 at the Old Bailey he was sentenced to 10 years in prison.[2]