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Essay example - polly peck fraud
Finance & Accounting
Pages 4 (1004 words)
Polly Peck Fraud Your Instructor Fraud refers to the crime of obtaining or acquiring something like money by cheating or deceiving. Fraud is not less than stealing because its main objective is cheating people or involved parties…
Extract of sample
However, in spite of all these efforts, fraud still exists all over the world as seen in the case of Polly Peck Fraud. More than 20 years ago, city funds and small financiers were surprised as one of the safest bets on the London Stock Exchange imploded. The share price of an international trading corporation, Polly Peck International (PPI), collapsed following raiding of its premises by the Serious Fraud Office (SFO) at the center of the empire constructed by Asil Nadir, its apparently outstanding chief (Casciani, 2008). Asil was a 71-year-old British citizen of Turkish-Cypriot origin. When he was arraigned to court, he protested his innocence but then ran away from the country asserting that he will not get a fair hearing. In 2010, 17 years later, he came back stating that he wanted to clear his name. Instead, a jury confirmed that he was a thief following a mammoth and sometime bewilderingly complex trial. According to Casciani (2008), Asil was found guilty of ten thefts from Polly Peck amounting to ?29 million, and he was cleared of an additional three lawsuits regarding approximately ?5 million. PPI was built by Asil Nadir out of very little. ...
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