Find Your Legacy
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BUSINESS WITH PERSONALITY FIND YOUR LEGACY VAN PERSIE IN CHOOSING THE OLYMPIC SPORT THAT INSPIRES YOU DEBUT DEFEAT See Page 18 See Sport Page 19 ISSUE 1,700 TUESDAY 21 AUGUST 2012 www.cityam.com FREE Soros reveals new stake in POLLY PECK THIEF Man United BY JULIAN HARRIS BILLIONAIRE investor George Soros has splashed out on a 7.85 per cent passive stake in Manchester United, NADIR FACES JAIL a filing with the US Securities and Exchange Commission revealed late last night. BY MICHAEL BOW Soros Fund Management bought over three million of the new class POLLY Peck International founder A shares, which were created for Asil Nadir, one of the London stock the club’s initial public offering market stars of the 1980s, was yester- (IPO) in New York on 9 August. day found guilty of three counts of The shares hold only one tenth of theft totaling £5.5m from the for- the voting power of the majority mer FTSE 100-listed global conglom- class B shares, which are held by erate. United’s Florida-based Glazer Turkish-Cypriot born Nadir, who family owners. left the UK for northern Cyprus in Last week it emerged that Soros 1993 and returned in August 2010 to acquired 341,000 shares in face the charges, was found guilty Facebook over the previous quarter, on the three counts of theft by a building his stake at a time when jury at the Old Bailey yesterday. the social network’s stock was He was cleared of one count of battered by valuation concerns. theft totaling £2.5m. The jury has Soros is famed for betting yet to reach a verdict over nine fur- against sterling on Black ther allegations of theft. Wednesday in 1992, a move that It was sent home last night and earned him in excess of $1bn. will resume deliberations this morn- The news that he has piled into ing. Manchester United’s stock came Nadir, 71, had been charged with after the share price closed at 13 specimen counts of theft of £34m $13.06 last night. from PPI between 1987 and 1990. The price of the stock has fallen The three counts for which Nadir considerably since the launch of has been found guilty are for steal- the club’s IPO, dropping from an ing £1.3m from PPI to pay for compa- Former tycoon Asil Nadir was a business star of the 1980s after leading his Polly Peck International conglomerate to a stellar FTSE performance initial $14 per share. ny shares on 15 June 1989, stealing And the expected range for the £1m from the firm to pay for maker Sansui. This year’s trial, which has been to bring the case given the length of float had been even higher, at antiques on 19 December 1989, and In the UK it controlled Joseph Le running since January, has seen time that has elapsed. between $16 and $20 per share. stealing £3.25m from the firm on 19 Shark and Russell Hobbs. prosecutors for the Serious Fraud “This is a flagship case for the SFO Manchester United supporter March 1990 and placing it in 19 dif- However, on 19 September 1990 its Office, led by Philip Shears QC, and the reputation of the Office groups have complained that the ferent end destinations. shares plummeted from an opening argue the case against Nadir. depends upon its flagship cases. IPO was over-priced and prevents Born in Cyprus in 1941, Nadir sold price of 243p to 108p in a matter or Nadir has been represented by “The SFO has done particularly investors from having a say in the newspapers at the age of six before hours, and its shares were suspend- Philip Hackett QC. well given the circumstances such as running of the club, as t he Glazers moving with his family to London in ed. The firm collapsed the following Kingsley Napley criminal depart- the age of this case.” hold onto the levers of power. the 1950s. year amid an investigation by the ment head Stephen Parkinson said Nadir has argued he had been Groups such as the Manchester The tycoon, once dubbed the Serious Fraud Office. the SFO has done “particularly well” unjustly treated by the SFO. United Supporters Trust also Sultan of Berkeley Square by a biog- complained that the Glazers rapher, bought the Polly Peck tex- pocketed a substantial amount of tiles company in the late 1970s and the revenue raised from the IPO, set about turning it into one of the rather than using it all to help biggest public companies in the UK. The UK that Nadir left in 1993 reduce the club’s large debts. Polly Peck duly became the darling of the London markets during the The land Asil Nadir found when he entertainment, a pint of lager would set Manchester United PLC boom years of Margaret Thatcher’s returned to the UK in 2010 was distinctly them back just £1.44. A first class stamp 14.50 $ Conservative government. It enjoyed altered from the one he left in 1993. class was 25p, a pint of milk cost 34p, 13.06 a stellar rise during the 1980s and Music and film had reached something and bread was just 48p a loaf. 20 Aug became the best performer on the 14.00 of a high water mark in 1993, with Meat But some things have stayed the same London Stock Exchange. Loaf’s seminal I’d Do Anything for Love since those halcyon days – the Prime The firm, based out of a small 13.50 office in Mayfair, had interests span- (But I Won’t Do That) dominating the Minister was Conservative and Kenneth ning the globe. It owned Santana in airwaves and blockbusters such as Clarke was in the Cabinet. America, Del Monte in South Jurassic Park and Mrs Doubtfire filling 13.00 America, Vestel and Pizza Hut in cinemas. Meat Loaf’s single held the top Turkey, Sunzest and Unipac in For those thirsty after all this spot for seven weeks in 1993 Cyprus and Japanese electronics 14Au g 15 Aug 16 Aug 17 Aug 20Au g Certified Distribution FTSE 100 M5,824.37 -28.05 DOW M13.271.64 -3.56 NASDAQ M3,076.21 -0.38 £/$ 1.57 unc £/€ 1.27 unc €/$ ▲ 1.24 +0.01 02/07/12 til 29/07/12 is 131,194 TUESDAY 21 AUGUST 2012 2 NEWS To contact the newsdesk email [email protected] Stansted considered a prize asset now it is finally being sold HERE are more than a handful of of airlines, including major long-haul is seen as a very saleable asset, with less than busy investment carriers. analysts estimating it could fetch SFO GETS A MUCH NEEDED BOOST T bankers celebrating the decision EDITOR’S It seems unlikely that Stansted around £1bn or so. THE SERIOUS Fraud Office (SFO) will yesterday by Spanish group could ever become a major hub A number of groups are believed to be especially relieved at getting a Ferrovial that it will sell Stansted LETTER because long-haul operators prefer to be interested, including the council- result in the long-delayed trial of Asil Airport. The group is finally doing so be where the most passengers are. controlled Manchester Airports Nadir, the tycoon who fled the coun- after three years of wrangling with But new ownership has arguably Group, which is in discussions with a try to go to northern Cyprus in May the competition authorities. DAVID HELLIER given Gatwick the freedom to market financial buyer over selling a stake. 1993. Nadir’s 17-year exile was a major The Spaniards have been trying long itself for services in all sectors, includ- Also said to be monitoring the situa- embarrassment for the SFO, which and hard to avoid a sale, even threat- ing long-haul. tion are South Korea’s Incheon and was powerless to seek his return. ening last month to appeal against a airport industry would benefit from For example it has attracted the new Ryanair, which has said it might take There were then fears the jury might Court of Appeal ruling. But yesterday more varied ownership. Asian-based airlines such as Air a stake but in reality might support a not understand fully some of the the owners of BAA snapped and gave BAA has long argued that Stansted China, Korean Air and Vietnam new owner with some guaranteed complex accounting issues presented up the fight. serves a distinct market from Airlines to give passengers flying contracts for a couple of years or so in to them by the prosecution. It is an unwilling seller, having Heathrow and therefore that its own- from Gatwick more destinations to return for some favours on landing Success may not be enough to fully already been forced to sell both ership of both airports could hardly choose from. charges. revive the body, though, says Stephen Gatwick and Edinburgh airports in be deemed anti-competitive. BAA sources say there are countless Manchester Airports Group is proba- Parkinson of Kinglsey Napley. Fears response to a Competition Essentially Stansted, which has been slots up for grabs at under-utilised bly the early favourite given that it is the SFO might be folded into the Commission (CC) report in 2009 into losing passengers from a peak of Stansted – for free – but airlines are pursuing two key recommendations: National Crime Agency and budget its ownership of seven airports in total around 24m a year to under 18m, is reluctant to give their slots up at one to explore the opportunity to add cuts have badly affected morale.