1. ITV Report

Asil Nadir found guilty of three counts of theft

Former business tycoon Asil Nadir and his wife Nur arrive at the Old Bailey, London. Photo: John Stillwell/PA Wire

Former fugitive tycoon Asil Nadir has been found guilty of three counts of theft at the Old Bailey.

The 71-year-old was cleared of one count of theft, and the jury are still considering a further nine counts after being given a majority direction.

ITV News' Juliet Bremner reports:

Nadir is accused of theft from his Polly Peck business empire between 1987 and 1990.

Polly Peck was one of the best performing companies on the stock exchange during the eighties, but it collapsed in 1990 with debts of £550 million.

Nadir left the country to live in his native Northern Cyprus. He returned to the UK after 17 years.

Nadir was cleared of one count involving £2.5 million to pay his income tax bill.

The prosecution told the court the stolen money went on making Nadir and his friends and associates rich.

The trial has lasted seven months during which two jurors were discharged for health reasons.

Nadir looked shocked as the verdicts were announced. His 28-year-old wife Nur sat at the side of the dock.