Turkish Cypriot businessman Asil Nadir dies aged 83

NICOSIA

Asil Nadir, a well-known Turkish Cypriot businessman, has passed away at the age of 83 after remaining in critical care in a Nicosia hospital since Feb. 4.

Nadir's health turned severe last week, prompting the hospital to seek blood donors. However, he lost his life after this challenging period of health issues, his wife, Nur Nadir, announced on social media on Feb. 9.

Turkish Cypriot Prime Minister Ünal Üstel has extended his condolences following the passing of Asil Nadir.

“I am deeply saddened to learn of the passing of Asil Nadir,” he noted. “Nadir, who had achieved tremendous success in the business world with his vision, entrepreneurship and courage, was a remarkable businessman who left an indelible impression not only in our country but also on the international stage.”

Nadir was born in 1941 in the town of Lefka. When his family relocated to London in 1961, he was a student at Istanbul University's Faculty of Economics. He dropped out of school to pursue a career in business, subsequently purchasing a textile firm based in London.

He invested in a variety of fields, ranging from electronics and fruit trading to bottled water packaging, transforming his small business into a massive multinational enterprise.

The businessman also enrolled in the Turkish market throughout the 1980s, establishing the first outlet of a worldwide pizza business in the country and founding the electronics and white goods firm Vestel.

In 1988, he also entered the media sphere upon then-Prime Minister Turgut Özal's recommendation. By 1990, Nadir had risen to become the world's 11th wealthiest businessman.

However, the same year also marked the beginning a challenging period for the successful businessman, as he was accused of embezzling money from Polly Peck, a British ailing textiles company.

In 1993, Nadir was arrested in the U.K., later released on a 3.5 million pound bail, and fled the country aboard a private plane to settle in Turkish Cyprus.

He later returned to London in 2010 to "clear his name” after 17 years on the run, but he was found guilty of 10 out of 13 charges of theft.

He was set free on April 22, 2016, one day after he was extradited by Britain to Türkiye and returned back to Turkish Cyprus.