Asil Nadir was born in Cyprus on May 1, 1941 and became an important figure in Turkey’s business world. At a young age, Nadir went to Istanbul to get an education, but instead of joining his family, who later moved to England, he started his business life. In London, his family bought Wear Well, a company operating in the retail sector, and in the meantime, Asil Nadir entered the textile business in Nicosia.
Asil Nadir and the Rise of Polly Peck International
Nadir used the near-bankrupt Polly Peck International to introduce his textiles to the Middle Eastern markets and managed to revitalize the company by buying its shares in the 1980s. This success made him one of the richest business people in the UK.
Establishment of Vestel Elektronik Sanayi ve Ticaret A.Ş.
In 1985, Asil Nadir took an important step and founded Vestel Elektronik Sanayi ve Ticaret A.Ş. Operating in Manisa, Vestel has taken its place among Turkey’s and the world’s leading technology companies with its domestic productions. Operating under Zorlu Holding since 1994, Vestel offers a wide range of electronics and technology products.
Impact on the Media Sector
Asil Nadir was influential not only in technology and textiles but also in the media sector. On Turgut Özal’s advice, he bought the Günaydın newspaper and the Gelişim magazine group. However, this great wealth and success brought with it various accusations of bankruptcy and embezzlement.
Nadir faced a financial crisis over allegations that he had improperly raised the shares of Polly Peck and was put on trial in the UK. In 1993, after being released on bail, he fled to the TRNC. In 2012, he was found to have embezzled £29 million and sentenced to a total of 10 years in prison. In 2013, a UK court ruled that he must serve the rest of his sentence in Turkey and pay £5 million to victimized investors.
Asil Nadir’s life is filled with a series of twists and turns, full of successes and scandals. Despite his business successes, the legal problems he faced had a significant impact on his image.
Source: Vestel Investor Relations, The Guardian