Polly Peck

Polly Peck International (PPI) was a small and barely profitable United Kingdom textile company which expanded rapidly in the 1980s and became a constituent of the FTSE 100 Index before it collapsed in 1990 with the then colossal debts of £1.3bn. The Polly Peck scandal, and Chief Executive Asil Nadir's escape, along with a number of corporate scandals, spurred on reform of UK company law, leading to the early versions of the UK Corporate Governance Code. On 26 August 2010 Nadir returned to the UK to be charged on certain terms. Early in 1980 Restro Investments, a company controlled by Asil Nadir, a Turkish Cypriot, bought 58% of the company for £270,000. Nadir took over as Chief Executive on 7 July 1980. On 8 July 1980 Polly Peck...