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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Top Stories Most Popular Photos Full Coverage Sitemap Ex-fugitive Nadir threatens to sue British police AFP - Sunday, December 5 Send IM Story Print Ex-fugitive Nadir threatens to sue British police LONDON (AFP) - – Cypriot tycoon Asil Nadir, awaiting trial in Britain on charges of multi-million-pound fraud, threatened to sue British police for wrongful arrest. Nadir, who returned to Britain this year to try to clear his name after 17 years as a high-profile fugitive, was arrested earlier in the day for allegedly breaching bail conditions. He was held for a few hours at a London police station before being released. As he left, the 69-year-old former head of the Polly Peck empire told reporters that he had received an apology and said a fault with the electronic tagging device he must wear at all times was to blame for his arrest. "We are taking, on Monday morning first thing, we are issuing a writ, taking proceedings against the people that have created this most unfortunate situation," he said. A police spokesman said Nadir had been released "with no further action" but made no further comment. The businessman, who is on 250,000 pounds (300,000 euros, 400,000 dollars) bail, is accused of secretly transferring 34 million pounds from his company in the late 1980s, leading to its collapse. Nadir left his luxurious lifestyle in Cyprus behind in August to fly back to Britain with his wife and lawyers after a court ruling that he could remain free on bail before and during his trial. He is staying in a rented house in London's exclusive Mayfair district. In its heyday, Polly Peck was one of Britain's biggest companies, with interests in sectors ranging from textiles to electronics. Nadir became a darling of the London stock market as he oversaw the company's transformation from a small textile firm into a major conglomerate through a series of audacious takeovers. But in 1990 it collapsed and three years later, Nadir was charged with 66 counts of theft. Before his trial started, he fled to the Turkish-controlled north of Cyprus, where he was born and which has no extradition treaty with Britain. He has extensive business interests there, particularly in the media. Because of the complexity of the charges, his trial is not expected to start until 2012. Recommend Send IM Story Print News Search Top Stories Ireland facing tough annual budget to secure bailout Ex-fugitive Nadir threatens to sue British police Madrid forces end to air controllers strike Serbs stick with Zimonjic and Troicki for doubles Gbagbo denounces foreign 'interference' in I.Coast More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended NASA finds new form of life... on Earth WikiLeaks arrest looms as site fights to stay online Obama on surprise Afghanistan visit, says US winning war Climate: Kyoto row rocks UN talks Suspect in Hollywood PR shooting commits suicide More Most Viewed » NASA finds new form of life... on Earth Pilgrims stone 'devil' as Muslims celebrate Eid World leaders scramble for funds to save the tiger US, S.Korea plan war games after N.Korean attack Obama gets 12 stitches after 'elbow in the lip' More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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