Founded in 1940
Public Company
Headquarters in London , UK
CEO Asil Nadir
17000 Employees
Textile Industry
Textile products
Bankrupt & broken up in 1990
Founded in 1940
Public Company
Headquarters in London , UK
CEO Asil Nadir
17000 Employees
Textile Industry
Textile products
Bankrupt & broken up in 1990
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IMPROPER CORPORATE GOVERNANCE IN DAEWOO GROUPSudharshanE1
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BBC News - Asil Nadir trial: Polly Peck tycoon fled UK 'a broken man' mersaberden27
Polly Peck tycoon Asil Nadir was a "broken man" who had no hope of a fair trial when he left the UK in 1993, he has told the Old Bailey.
Mr Nadir, 71, is accused of stealing nearly £150m from his Polly Peck empire but denies all charges.
He denied he fled to northern Cyprus because he was guilty of fraud which he was being prosecuted for. He returned in August 2010 to face the charges.
Mr Nadir said the firm was put it into administration despite his protests.
'Tremendous future'
Mr Nadir denied the company, Polly Peck International (PPI), had been insolvent.
He told the court: "I think it had a tremendous future and this attitude was shared by the top brokers and investors in this country and worldwide.
"Finance was available from Turkey. The amount discussed was £70m to obtain a standstill.
Continue reading the main story
Chronology
"The finance was from three top Turkish banks on the instigation of the president of Turkey."
Answering questions from his lawyer, Philip Hackett QC, Mr Nadir said he began his business life as a six-year-old selling newspapers in a small town in Cyprus.
He later came to England and in 1980 acquired Polly Peck, a small textile company with a turnover of £2m a year. He turned it into a conglomerate worth £2bn.
Mr Nadir gave evidence as the defence case opened, five months after the trial started.
Mr Hackett asked Mr Nadir about an allegation which emerged in November 1992 that he had been involved in a conspiracy to bribe the original trial judge, Sir Richard Tucker.
The barrister read out a transcript of a pre-trial hearing when it was alleged Mr Nadir had conspired with Met Police Assistant Commissioner Wyn Jones and another man to bribe Judge Tucker.
Mr Nadir denied there was any such conspiracy and said he was devastated by the allegation.
He said his home was raided in April 1993 and all his legal documents were taken away.
In court, on 20 April 1993 he urged Judge Tucker to help him get the documents back. But Mr Nadir said the judge told him he was powerless to assist.
Two weeks later he flew to Turkish-occupied northern Cyprus.
'Health in tatters'
Mr Nadir told the court he was "a totally broken man" when he left the UK months before being prosecuted for fraud in 1993.
"My health was in tatters, my hope of a fair trial was in tatters, I had zero hope of receiving a fair trial," he said.
Mr Nadir denies stealing millions of pounds from his Polly Peck empire
Mr Hackett said: "The case was opened in this trial by prosecuting counsel that you left because you were guilty, in effect, and didn't want to stand trial - is that true?"
"That is not true," he replied.
Mr Nadir returned to the UK in August 2010 to face the charges.
He was asked whether he had stolen money from PPI and whether he was guilty or not guilty.
"Not guilty," he replied.
Mr Nadir's case is that the pounds he took out of the company were covered by Turkish lira from investors and his family.
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Dr. Maxwell has not met a senior leader in an organization who did not list innovation as a priority. Yet most struggle to increase the level of innovation activity in their organizations. Based on 15 years of research, he has observed that this is often because they focus on innovating, without first understanding and removing the barriers that stifle innovation. During this presentation, Dr. Maxwell will share and show you how to apply his unique Behavioural Trust Framework® (BTF), which you will be free use in your organization after the conference. He has found that leaders who use this framework to diagnose and address innovation barriers are able to rapidly increase innovation activities in their organizations.
2. “Corporate governance is the process by
which concern parties in a corporation relate with each other and
promote their interest”
(Armor, 2008 : 23).
Business bubbles rose out of nowhere and some of them collapsed just as rapidly, taking
small shareholders and their money with them, and shady businessmen sometimes came
to grief ….
3. Polly Peck: Ngjarjet Kryesore
1941 Asil Nadir u lindnëQipro
1959 FamiljaeNadir emigroj nëLondër
1973 Wearwell u vendosnëBursëneLondres
1980 Nadir mori kontrollinePolly Peck
1982 U ndërtuafabrikaepërpunimit tëujit nëTurqi
1983 U krijuajoint-venturemeVestel
1985 Polly Peck Intl mezyraqëndrorenëBerkeley tëLondrës
1989 Polly Peck bleDel Montedhe51%tëpjesëstëSansui
1990, Shtator Nadir intervistohet ngazyraeAnti-Korrupsionit
1990, Tetor Polly Peck meret nënadministrim
1990, Dhjetor Nadir arestohet
1993 Asil Nadir fluturondrejt veriut tëQipros
4. Kerkesat e Detyres:
1. Avantazhet dhe disavantazhet e lejimit të postit të presidentit dhe drejtorit
ekzekutiv të një kompanie publike në duart e një individi.
2. A duhej që bankat të ishin më të kujdesshme gjatë kreditimit të Polly Peck
dhe Asil Nadir?
3. Cilat janë mësimet që mund të meren nga kolapsi i Polly Peck?
4. Pretendentët (aktorët, grupet e interesit) që ishin në disavantazh më të madh
nga kolapsi i Polly Peck.
5. Diskuto propozimin se nuk është në interesin e kompanisë së listuar që
drejtori të zotërojë pjesën më të madhe të kapitalit.
6. Si interpretohet teoría e agjensisë në këtë rast? Si mund të zgjidhen
problemet që evidentohen në këtë rast?
5. Avantazhet dhe disavantazhet:
Avantazhet:
– Duke e bere edhe president edhe Drejtor ekzekutiv, siguron
vemendjen dhe perkushtimin e plote te tij ndaj biznesit,
sepse: njeriu është më shumë i orientuar nga interesi i vet sesa nga
altruizmi.
Dizavantazhet:
– I jep shume fuqi nje individi te vetem, duke i dhene keshtu
mundesine te abuzoje me fondet, me vleren e aksioneve dhe
me gjithe menaxhimin e shoqerise:
– I jep mundesine te kontrolloje te gjithe, por te mos
kontrollohet kurre realisht vete: Who watch the
watchers???
7. Bankat duhet….
2. Te llogarisnin ROE dhe ROA per zgjerimet e medha qe
po bente kompania.
3. Te llogarisnin mire raportet e borxhit te shoqerise.
8. Bankat duhet….
• Te dyshonin pak me shume ne suksesin e nje
zgjerimi shume te madh ne nje kohe te shkurter.
• Te hetonin mbi cash flow.
9. Mesimet….
• Nese nuk e kupton se cfare dikush po ben me parate e
tua, atehere eshte mire te fillosh te hetosh mbi te.
• Nuk i duhen dhene dikujt te gjitha te drejtat, te
kontrolloje kedo, dhe te mos e kontrollosh ate.
• Duhet te jesh i kujdesshem mbi qeverisjen e
koorporates tende, duke mos besuar verberisht te
rregullat, sepse disa mendojne: Rregullat jane bere per
tu thyer
• Duhet te kesh nje Bord te perbere nga persona
inteligjente, te pakten njeri specialist i fushes.
10. Stakeholders ne disavantazh….
• Investitoret.
Aksioneret e nje kapitali prej
afro 2 miliard pound.
• Kreditoret
- Bankat
- Shteti (tatim taksat)
• Punonjesit
Polly Peck kishte 8.000 te
punesuar.
11. Drejtori me pjesen me te madhe te kapitalit?
• Ne rastin konkret kjo rezultoi në :
- Blerje te pastudiuara qe cuan ne nje diversifikim
konglomerat te pasuksesshem.
- Manipulime ne tregjet financiare me vleren e
aksioneve.
- Coi ne falimentim te gjithe kompanine duke e
tejkaluar masen e borxheve.
- Nuk u mor vesh asnjehere se ku shkonin
likuiditetet e shoqerise.
12. Teoria e Agjensise:
1. Informacioni shperndahet ne menyre asimetrike(jo te
plote). (askush nuk dinte ku perfundonte cash, nje kompani me
fitime kolosale dhe me mungesa te theksuara likuiditeti?!!!)
13. • Sjellje oportunistike. (Nadir kerkoi ta
kthente shoqerine ne koorporate private,
pasi i kishte thare te gjitha likuiditetet.)
Teoria e Agjensise:
14. Si mund te zgjidhet?
• Kontroll i vazhdueshem mbi menaxheret.
• Vigjilence ne qeverisjen e koorporates.
• Te pakten nje person ekspert te fushes ne bord.
• Ndarje e presidentit nga drejtori ekzekutiv.
Te gjitha keto me koston minimale te
mundshme!
17. “ Elizabeth Forsyth - former
chairperson of Asil Nadir's private
finance company, South Audley
Management, which was raided by the
Serious Fraud Office in 1990 - reveals
the truth about Polly Peck, the FTSE
100 high-flyer that collapsed after the
raid. She tells how the shareholders
were left with nothing, and of the
subsequent vilification and persecution
of both herself and its charismatic
founder, Asil Nadir. This is the inside
story of their dramatic six-year battle
to uncover the dubious activities of the
Serious Fraud Office and to clear their
names. It implicates the SFO, the
Inland Revenue and the Stock
Exchange in a face-saving, political
cover-up. Corruption, collusion and
calumny in the highest strata of the
British establishment involves the
dismissal of a minister and the
compromising of a High Court judge.”
