Prior to Asil Nadir being ordered to pay £5m compensation to the administrators of his former business empire Polly Peck, it was argued on his behalf that he had not taken part in business during his years in exile from 1993 to 2010.
He claimed to have lived on the generosity of his mother and a girlfriend.
But the judge said: "It is not true that Mr Nadir received no significant income or owned no significant assets since 1993."
Nadir had not helped in revealing his finances but the judge said he did not think he could make an order for the full amount.
He said: "Conscious that I am probably erring on the side of caution and being more generous to the defendant than he deserves, I believe he has the means to pay compensation of £5 million."
Nadir thanked the judge from the dock before being taken away to Belmarsh prison.
Asil Nadir has been given two years to pay back back £5 million of the money he stole from his Polly Peck business empire
A judge also ruled that Turkish airline boss Hamit Cankut Bagana could apply for the return of the £250,000 security he paid to allow Nadir bail.
A judge rejected disgraced tycoon Asil Nadir's claims of poverty today and ordered him ordered to pay back £5 million of the money he stole from his Polly Peck business empire - or face a further six years' jail.
Mr Justice Holroyde, sitting at the Old Bailey, said he believed Nadir had money stashed away.
He later claimed to be penniless after prosecutors demanded £ 60 million should be paid in compensation and interest to the administrators.
Polly Peck, a leading stock exchange conglomerate, collapsed in 1990 after Nadir stole money which he sent abroad through a complex series of companies.
Disgraced tycoon Asil Nadir was ordered to pay £5 million compensation to the administrators of Polly Peck International or face six years in jail at the Old Bailey today.
Former fugitive tycoon Asil Nadir will today learn if he is to repay millions of pounds he stole from his Polly Peck business empire.
The 71-year-old swapped his luxurious lifestyle for a prison cell in August after being convicted of stealing nearly 29 million "out of pure greed".
Last month, he returned to the Old Bailey to face Mr Justice Holroyde again in a compensation and costs hearing but claimed he was penniless.
The prosecution said that was a "sham" and claims that Nadir was reliant on the generosity of friends and family were "an affront to common sense".
The judge will decide if there are any assets to provide compensation to the administrators of Polly Peck International.
Former fugitive tycoon Asil Nadir, who was jailed for 10 years for stealing £28.8 million from his business empire, claimed he was penniless today.
During a compensation hearing at the Old Bailey, 71-year-old Nadir said he had no assets and was relying on the generosity of friends and family, claims the prosecution called a "sham" and "an affront to common sense".
Nadir was sentenced last month after he was found guilty of 10 charges of theft from Polly Peck that occurred in the late 1980s.
The amount he stole is the equivalent of £61.6 million today.
Nadir returned to the UK two years ago after being on the run for 17 years in Northern Cyprus.
Former fugitive business tycoon Asil Nadir's hearing today before Mr Justice Holroyde will decide how much the 71-year-old should pay towards prosecution costs and any legal aid costs still owing.
Nadir was jailed for 10 years last month after being found guilty of 10 charges of theft from his Polly Peck business empire in the late 1980s.
The hearing will also decide whether Nadir should be ordered to pay compensation and interest to the administrators of the company.
Nadir was ordered to provide details of his finances and assets under a Financial Circumstances Order before the hearing.
Former fugitive business tycoon Asil Nadir returns to the Old Bailey today after being convicted of stealing nearly £29 million.
Nadir, 71, was jailed for 10 years a month ago after being found guilty of 10 charges of theft from his Polly Peck business empire in the late 1980s.
The top performing Stock Exchange company collapsed in 1990 owing £550 million.
The amount he stole is the equivalent of £61.6 million today. The prosecution said it was part of £150 million taken from the company.
Nadir, who was said to have stolen out of pure greed, returned to the UK two years ago after spending 17 years on the run in Northern Cyprus.
Former fugitive tycoon Asil Nadir has been jailed for 10 years for stealing millions from his Polly Peck business empire.Read the full story ›
Former fugitive tycoon Asil Nadir has been jailed for 10 years after being convicted of theft.
A jury decided he plundered Polly Peck of £28.6 million between 1987 and 1990 - the equivalent of £61.8 million today.
Outside court, his wife Nur said: "My husband is innocent and, having faith in the British justice system, we will continue with our efforts to rectify the wrongs."