Pod Insights British Scandal Thatcher's Favourite Fraudster | Ragtrade to Riches | 1 About this episode It’s the 1980s. Margaret Thatcher’s Britain is all about making it big if you work hard enough, and boy, does Asil Nadir get the memo. He transforms small textile firm, Polly Peck into a FTSE 100 giant. The City loves him; the Iron Lady thinks he’s marvellous. But when they learn the truth, his empire starts to crumble.
Do you have a suggestion for a scandal you would like us to cover? Or perhaps you have a question you would like to ask our hosts? Email us at [email protected]
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Transcript 8,460 words · 10 speakers
Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.
0:00 Alice Levine? Audible subscribers can listen to all episodes of British Scandal ad-free right now. Join Audible today by downloading the Audible app.
0:07 Matt Forde? Alice, what an exciting day. We're obviously launching our new business tomorrow, so I just wanted to check that we were both on the same page re-product lines.
0:15 Alice Levine? Yeah, I mean, in a way, we can sort of get away with anything because it's a general kind of household everything shop. You know, just the things that people need every day, like batteries or light bulbs or, you know, washing up liquid.
0:26 Matt Forde? Yeah, bubble tea, fidget spinners, VR headsets, all the normal stuff people buy at a local shop.
0:33 Alice Levine? Yeah, uh, sort of, I don't know, like jiffy bags or like, you know, like envelopes or glue sticks or, you know, kind of stationery type stuff.
0:41 Matt Forde? Car parts. So many people have got cars. We should sell the parts of the cars that people need. And as travel agents, people love going abroad.
0:50 Alice Levine? I worry a little bit that we are overreaching slightly.
0:55 Matt Forde? You said it was a general store.
0:56 Alice Levine? Yeah, no, definitely, definitely, and I stand by that. But do you think that we're maybe diversifying a bit too much?
1:01 Matt Forde? Okay, the only problem is I have bought all this stuff.
1:05 Alice Levine? You've bought a travel agent?
1:06 Matt Forde? I accept quarter one may be challenging, but in business it always is. I think by year seven, we may break even.
1:19 Matt Forde? 1993, airspace over France. Fifty-two-year-old Azil Nadia looks out of the window of the light aircraft. His stomach knots as it comes into land. He grabs his carrier bag, takes out a wig, fake beard and moustache. If he's got any chance of escaping the authorities, this disguise needs to be foolproof. He dabs some glue on his chin and upper lip, presses on the beard, then fixes on the wig. He glances down at his fake passport. Fuck! His chest tightens. He's brought the wrong wig.
2:01 Matt Forde? The one on his head is curly. The one on his passport photo is straight. He feels a vein throb in his temple. All he can do now is pray he isn't stopped.
2:15 Matt Forde? When the plane lands, he jumps to his feet and grabs his Louis Vuitton bag. The bag stuffed with all the cash he could lay his hands on when he left London. He grips it tightly, tries not to think of the millions he's left behind.
2:31 Matt Forde? A few seconds later, he's on the tarmac. He lowers his eyes, walks quickly to the waiting Cessna jet. But he can hear his companion Peter trying to get his attention. Asil, your beard's coming off. Asil quickly pats down his peeling beard and moustache, but he's sweating so much the glue won't stick. He catches sight of an airport official reading a newspaper. Sees his own face staring out from the front page. Tries to work out the French headline. Something about Thatcher's favourite businessman being arrested for fraud. He glances up. The official staring right at him.
3:16 Matt Forde? He puts his head down.
3:19 Matt Forde? His heart pounds as he quickens his step. If he's caught now, his life will be over. He'll be locked in a British jail by nightfall, and he won't get out for years.
3:33 Matt Forde? He can hear Peter's cheerful voice behind him.
3:37 Matt Forde? What a beauty of a jet. What do you think, Asil?
3:41 Alice Levine? Oh my god, not now, mate.
3:44 Matt Forde? He hisses back. Keep your ruddy voice down and stop using my real name. He walks up the steps of the Cessna jet, waits nervously until the door locks behind him. Then lets out a deep sigh of relief.
4:03 Matt Forde? He looks down at the pattern of fields below.
4:07 Matt Forde? Then reaches for the chilled bottle of vintage Dom Perignon. Unholds his glass up to Peter. To freedom and justice at long last. He takes a mouthful of champagne.
4:20 Alice Levine? Sip it.
4:22 Matt Forde? The Brits will never get him now. He's completely outwitted them. He's about to reach for the caviar when he jolts upright in horror. Smoke's pouring from one of the engines.
4:38 Matt Forde? He lets out a yelp of terror as the plane lurches and drops. His whole life flashes before him. His move to England, his first business, his rapid success, and his terrible, dramatic fall. He looks at the smoke billowing out and realizes this is how his life finally ends. Crashing to earth in an unstoppable fireball.
5:09 Speaker 02 I'm Gemma Whelan, and in the new season of The Spy Who, we tell the story of the original femme fatale, The Spy Who Was Mata Hari. A famous dancer turned World War I secret agent, accused of seducing Allied officers to uncover their plans. But was she a temptress or a scapegoat for French failures? Follow The Spy Who now, wherever you listen to podcasts. You can also listen to the full season of The Spy Who Was Mata Hari early and ad-free on Audible.
5:39 Speaker 03 I'm Lauren Malloy, the host of the podcast My Mom's Murder. For 30 years, I thought my mom died of natural causes. That's what everyone told me. That's what I believed. Until one day, I got a phone call that changed everything. A woman claiming to be my mom's best friend told me my mother was murdered and that no one had ever investigated it. So I did what the detectives wouldn't: pulled the threads, knocked on doors, and confronted the contradictions. And what I found, it's worse than I imagined. Something happened to my mom. Someone killed her. And I won't stop until I find out who.
6:21 Speaker 03 The system may have given up on my mom, but I never will. Listen to My Mom's Murder wherever you get your podcasts. Audible subscribers can binge all 10 episodes early and ad-free right now. Join Audible in the Audible app or by subscribing on Apple Podcasts.
6:42 Alice Levine? From Wondery, I'm Alice Levine.
6:45 Matt Forde? And I'm Matt Ford.
6:46 Alice Levine? And this is British Scandal, the show where we bring you the murkier stories that ever happened on these odd little isles.
6:53 Matt Forde? British scandals come in many shapes and sizes. Some are about money, some are about sex, they're all about power.
7:01 Alice Levine? But when we look at scandals a bit closer, they turn out to be stranger, wilder, just plain weirder than we remember.
7:08 Matt Forde? So we're journeying back to ask who's to blame for what happened.
7:12 Alice Levine? And when the dust settled, did anything really change?
7:21 Matt Forde? Alice, I want to do a little exercise with you, a bit of free association.
7:24 Alice Levine? Okay.
7:25 Matt Forde? Tell me the first three things you think of when I say the 1980s.
7:30 Alice Levine? Okay, I think the film E.T., I think, ugh, shoulder pads, and I think of Danger Mouse.
7:42 Matt Forde? Okay, yes, they are the top three answers, but what about the other things that defined the core values of that decade?
7:52 Alice Levine? Uh, big hair, greed?
7:55 Matt Forde? Yes, it was the decade where greed was good, greed was right, greed clarified. You are going to love this series, we are going back to Thatcher's Britain.
8:05 Alice Levine? Why would you think I would love that? What about me screams I will love that? So should I be thinking miners' strikes, poll tax riots?
8:13 Matt Forde? No, we don't want to focus on the sad bit, let's just focus on the shiny stuff.
8:17 Alice Levine? Oh, okay, so businessmen, power suits, boom and bust.
8:21 Matt Forde? Yes, this was a time where anyone, if they wanted it enough and were ruthless enough to pursue their dreams, could be someone.
8:28 Alice Levine? I feel like the word ruthless is going to become important.
8:31 Matt Forde? I don't think you're wrong. You might not have heard about our protagonist this series, but trust me, he was that ethos personified. His name was Asil Nadir. From a small-time clothing company in East London, he rose to become a FTSE 100 hero, a cult figure feted in business circles as exactly the sort of self-made man made possible by Thatcherism. The only teeny tiny problem was that his success was based entirely on lies.
9:02 Alice Levine? Not a problem for this show, in fact, the lifeblood.
9:05 Matt Forde? Indeed, this is a crazy story. It's got power, corruption, greed, and an insane escape from the law on a two-seater propeller plane. This is episode one, Ragtrade to Riches.
9:21 Matt Forde? 1963, Oldgate, London.
9:27 Matt Forde? Twenty-two-year-old Asil Nadir jumps on the red Route Master bus, huddles into a seat, and stares out of the window at the grey, rundown streets of London's East End.
9:40 Matt Forde? His dad sent him to buy some fabric for the family business. Right now, though, he'd rather be anywhere than London.
9:48 Matt Forde? He spent months bragging to his university mates in Turkey about this trip, how well his family are doing, how grand their houses. But the truth has shocked him. His parents are working every single hour there is in their tiny clothing business in the East End. And they live in an overcrowded house miles away in Romford. Worst of all, London's cold all the time.
10:16 Matt Forde? He lights a silk cut, thinks back to the warmth and colour of their old home in northern Cyprus, starts to wonder what his classmates in Turkey are doing, when he suddenly jolted back to reality. He's missed his stop.
10:32 Matt Forde? He hops off the bus, hurries through the streets trying to get his bearings. He stops, listens. He's a big Cliff Richard fan, but this music is different from anything he's ever heard. It's full of energy, it's exciting. He turns a corner and stops in his tracks. The whole street is buzzing. People his age flirt and laugh. His eyes flick up to the street sign, Carnaby Street.
11:06 Matt Forde? The music's coming from a boutique. He heads over but finds himself staring at a woman in front of him. She's wearing white boots and the shortest dress he's ever seen.
11:17 Speaker 03 Wanna come to a party?
11:20 Matt Forde? She flicks her long blonde hair. He'd love nothing better. But he remembers that his young wife, Aysigul, is back at his parents' house in Romford, waiting for him. He shakes his head, watches her join her friends. They're the coolest people he's ever seen.
11:41 Matt Forde? He feels an instant stab of regret as they disappear into the crowd. He looks at his reflection in the boutique window. He feels like the biggest square on the planet. He loosens his tie, looks back into the street,
11:58 Matt Forde? and realises: This is the place he needs to be.
12:10 Matt Forde? That night, he perches on the edge of his parents' worn city, lights a cigarette, builds himself up. I'm not going back to university in Turkey. I'm staying here.
12:25 Matt Forde? His mother looks up from her sewing machine, shocked.
12:29 Matt Forde? His dad lowers his newspaper.
12:32 Speaker 04 After all the money we've spent on your education?
12:36 Matt Forde? His mother cuts in. Asil, be reasonable. It's your final year. And what about your wife? Aysigul wants to stay too. The clothes I saw today, if we can tap into that market, I can help turn the business around. His dad hisses at him. I don't need your bloody help. Asil slumps back, squeezes his eyes shut. He hates upsetting his parents. But he's already made up his mind. He's staying put. London is the most vibrant, happening place on the planet. And he's determined to put himself right at the heart of it.
13:25 Matt Forde? Two years later, East London. Asil follows the bank manager into his tiny cramped office, perches on the edge of a wooden chair, and nervously hugs his portfolio to his chest.
13:39 Matt Forde? He's been working on this pitch for weeks. He's desperate to expand his family's business, build a new showroom, but his dad's refused to lend him the money. He glances at the manager, takes in the thin strands of hair combed over his bald head.
13:55 Alice Levine? There are few indicators in this story of like when we are, you know, even a bank manager feels anachronistic now, doesn't it? But a comb over, they're going extinct. I mean, Asil could more than likely recommend somebody in Turkey to sort that out.
14:10 Matt Forde? If this bank manager's teeth are a state, Asil's his man.
14:16 Matt Forde? Asil clears his throat and proudly fans out his drawings on the desk. He watches the manager's eyes dart over his designs. Women's mini dresses in geometric patterns with Mary Quant-inspired collars, floating kaftans in swirling psychedelic prints, and men's suits in bright yellow and lime green. He tries to sound confident as he hands over the building estimates. I've costed everything. With a bigger showroom, we could display more lines, increase orders and turnover. Fashion's moving so quickly now. The bank manager picks up his calculations. France. Nadir. That doesn't sound like an English name.
14:59 Matt Forde? Asil feels his eyebrows shoot up in surprise. Turkish Cypriot. Our family business, Nadir de Mauds, is ready to expand. The bank manager pushes the drawings back across the desk. I'm afraid we only give loans to British clients. Asil stares, his chest heaving.
15:21 Matt Forde? I am bloody British. I've got joint nationality. I'm sure you're used to a more informal way of doing business, Mr. Nadir, but here, we have rules. I'm sorry you've had a wasted journey. Asil feels his throat tighten. Tears prick his eyes. He stumbles to his feet and hears himself politely thank the manager for his time.
15:49 Matt Forde? Outside, he dumps his portfolio in the gutter. He wipes his eyes and makes his way back to the office.
15:58 Matt Forde? When he walks in, his shoulders drop. His dad's at his desk, that's all he needs. His heart sinks as his dad's eyes narrow.
16:09 Speaker 04 Where's your portfolio?
16:11 Matt Forde? He shrugs, determined not to stand defeated. It didn't work out this time, but I'll keep trying. I'll find another bank. I've seen it, in the stars.
16:26 Alice Levine? Right, you're doing really well because the portfolio is very professional. I think he's actually got a really good insight about the market. He's spotted a little gap that they could move into a little niche and they could be ahead of the game. But don't start talking about horoscopes.
16:38 Matt Forde? The moment you bring the Zodiac into this, you're never getting a loan.
16:43 Speaker 04 For the love of God, Asil, you won't get anywhere with these people.
16:49 Matt Forde? Asil looks away from his father's weathered face, tries not to cry.
16:53 Speaker 04 I've had this since we left Cyprus, Asil. You're not English enough, and you never will be.
17:01 Matt Forde? Asil looks back at his father, grits his teeth, and decides. He's not going to be defeated by this, and he's not going to accept it like his dad. If he needs to be more English, then so be it. He'll copy the best of their manners, dress like the richest of them. He'll become more English than the English. He'll beat these stuffy snobs at their own game and show his dad just how wrong he is.
17:32 Alice Levine? Do you know when I know that a British scandal series is going to be good? Is when somebody starts their business plan or their new life or just their main motivation is saying to somebody, "I told you so."
17:48 Matt Forde? Also, it's lucky that he's doing this in the 60s. In the 2020s, if he wanted to become more English than the English, he'd be sunburnt, blasted on Carling and trying to get into Wembley without a ticket.
18:00 Alice Levine? Easier, maybe.
18:03 Matt Forde? Fourteen years later, 1979, Nadir family home, Romford. Eirfan Nadir takes a mouthful of lamb stew, chews it slowly as his wife Sophia chats with the rest of the family. He usually loves having everyone together for lunch, but Asil's late, again.
18:26 Matt Forde? He glances up at the clock, catches Sophia's eye. She raises a warning eyebrow at him. He's promised there won't be any arguments today. He stares at his plate, wonders if coming to England was a mistake. Asil's ditched every tradition Eirfan ever held dear. He was thrilled when he married Aisegal and started a family. Less thrilled when he found out last week Asil's English mistress has just given birth to his son. But it's Asil's attitude at work that really drives him nuts.
19:01 Matt Forde? A few years back, Asil expanded their business through cash and carry. They've all made a good living as a result. But now, Asil spends money like water. He's bought a house he can't afford, wears suits that cost more than Eirfan's entire wardrobe. Worst of all, he's forgetting the golden rule: respect your elders.
19:24 Matt Forde? He looks up now as his son bursts in, feels his scalp prickle with irritation as he moves around the table greeting everyone.
19:33 Matt Forde? He stabs at a piece of lamb, mumbles down at his plate.
19:38 Matt Forde? Good of you to join us, at last.
19:43 Matt Forde? He feels Sophia's eyes boring into him, tries to keep calm as Asil starts chatting about their newly-elected Prime Minister, Margaret Thatcher. How excited he is, how she's going to cut tax and red tape. I might even branch out on my own. There's a little clothing firm, Polly Peck. It's early days, but I've been checking it out. Eirfan scoffs. You're setting yourself up in competition to me now. He watches his son's sneer. Business is changing, Dad. I'm not going to be left behind, not like...
20:22 Matt Forde? Irfan stares at him, silently dares him to finish the sentence, then hisses. "Hard work and family loyalty, that's what Mrs Thatcher stands for. That's all you need." He feels his wife's hand on his arm, hears her cheerful voice ask Asil. "Is this your new car?" Irfan looks out of the window, startled, does a double take at the gleaming new Bentley on the drive. He looks at his own car next to it, the same sensible Volvo he's driven for years. Irfan spits. "You irresponsible bloody show-off."
21:04 Matt Forde? Asil glares at him, then slowly gets to his feet. And walks out. Irfan's wife snaps. "Satisfied?" Irfan shoves his plate away, lights a cigarette. He's still the head of this family, and Asil needs to remember it. So, he's going to rein him in, remind him who's boss. And if Asil still doesn't behave, family business or not, he'll cut him out, once and for all.
21:44 Matt Forde? February 1980, Commercial Road, East London.
21:51 Matt Forde? Asil grips his bouquet of flowers, dashes across the road, and heads up the steep flight of stairs to the Polly Peck office. He's come to meet Mr and Mrs Zelker, the owners, and he's determined to buy their business from them. He strides through the dimly lit showroom, lets his eyes wander over the dusty mannequins in old-fashioned ball gowns, takes in the peeling paint, damp patches on the ceiling. This place is a dump, but that doesn't matter. It's not really the business that interests him. It's the name. Polly Peck is a well-respected, highly trusted British brand.
22:32 Matt Forde? It's got franchises in top department stores, including Harrods. And right now, it's on its knees. He can't let a rare chance like this pass him by. Besides, things with his dad are getting worse. They can hardly be in the same room without an argument. He needs his own business, and quick. He grins as a smartly dressed elderly couple walks towards him. Mr. Nadia, welcome to Polly Peck.
23:01 Alice Levine? He's a policeman, is he?
23:03 Matt Forde? Back then, there was only one choice. You either became a policeman, or you ended up owning Polly Peck. It was the only way out of the East End. Boxing hadn't been introduced to Britain yet.
23:15 Matt Forde? He shakes Raymond Zelker's hand, bows slightly as he gives the large bouquet to Sybil.
23:22 Matt Forde? A few minutes later, he perches on a small chair with a cup of tea. Gazes at photos on the wall of the Zelkers going back to the 1940s. I've admired Polly Peck for years. I come from a family business myself. Sybil smiles. We know you're far of a lovely man. Asil widens his smile. I'll honour Polly Peck's values and the good name you've built. You have my word. His top lip twitches, a childhood sign that he's lying. He's already got plans to ditch their stuffy old clothing line. Then buy up as many small companies as he can, all under the Polly Peck umbrella.
24:04 Alice Levine? Okay.
24:05 Matt Forde? In fact, the Polly Peck umbrella was probably my favourite thing they did.
24:09 Matt Forde? He sips his tea, as Sybil studies him with narrowed eyes. We'll only sell to the right buyer, Mr. Nadia. You'll need to agree to our terms. He nods, then hears her say, "We want a place on the board, a vote on every major decision." He almost chokes. A vote?
24:36 Matt Forde? The last thing he wants is some old couple monitoring everything he does. He's had enough of that with his dad.
24:43 Alice Levine? When you say some old couple, some old couple that founded this in the 1940s, have built it to what it is. Okay, not having a good moment right now, but they're not just some random EastEnders off the street, although they do sound like that.
24:57 Matt Forde? Your advice would be very welcome. He watches them glance at each other, feels his heart pump faster as he leans forward.
25:07 Matt Forde? Of course, it's a compromise, one which I'm sure will be reflected in the final place. He holds his breath, half worries he's gone too far, watches them look at each other, then smile at him.
25:24 Matt Forde? We like you, Asil. Two hundred and seventy thousand, it's as low as we'll go, and a place on the board. Deal? Sybil holds out her hand.
25:35 Alice Levine? Well, he's not going to give it to you now, Sybil. Fives and ones and twos, and that's two hundred and seventy thousand. There you go, my love.
25:41 Matt Forde? Gimme now. Asil grips it, shakes it firmly, and feels his stomach dance with excitement as he gazes around his new office.
25:52 Matt Forde? As soon as the paperwork's sorted, he'll edge the Zelkers out, send them on their way. And then, he'll start buying smaller businesses. He'll grab every chance Mrs Thatcher's offering, turn Polly Peck into a global company,
26:10 Matt Forde? and become the greatest businessman Britain has ever seen.
26:22 Matt Forde? You stepped out for your morning jog, except it's not your usual morning jog. You started listening to an epic sci-fi book on Audible. Thirty chapters later, you've accidentally run a half marathon. You've lost track of how far you've run, somewhere just past the city limits. You can't stop, you have to find out what happens next.
26:40 Speaker 04 Then it's over. The universe seems bigger. You feel different. You feel like you have no idea where you are. Audible. Stories that speak to you. Imagine you're reading Pride and Prejudice, except you're not reading it. Harris Dickinson and Marissa Abella are reading it to you on Audible. Her barbs sting you. His coldness sends a shiver up your spine. Your heart aches. Your ears burn. You yearn for Elizabeth and Mr. Darcy to profess their undying love for one another. You can't bear it any longer. Well, maybe a chapter longer. Performance is so good, you'll give love a second chance. Audible. Stories that speak to you.
27:34 Matt Forde? Three years later. 1983. Downing Street.
27:40 Matt Forde? Asil grabs a glass of wine from the waiter, takes a long sip to calm his nerves. He takes in the grandeur of the freshly painted Blue Room, nervously plumps up the handkerchief in his top pocket. His firm, Polly Peck, has just won the Queen's Award for exports. He's been invited to Downing Street to meet Mrs. Thatcher, and he can't really believe he's here. Ladies and gentlemen, the Prime Minister.
28:10 Matt Forde? He looks up as Margaret Thatcher sweeps into the room. She pauses briefly in front of a portrait of the Duke of Wellington, takes out her handkerchief and dusts the frame, then heads straight over to him. Mr. Nadir, congratulations on your award. He shakes her hand, congratulates her on being re-elected.
28:34 Alice Levine? Okay, so it's eighty-three. What's happening right now?
28:36 Matt Forde? She'd been elected in seventy-nine, is deeply unpopular throughout her first term, and then a mixture of the Falklands War in nineteen eighty-two, and effectively the collapse of the Labour Party under the leadership of Michael Foot, and in eighty-three, which had been against the odds really for most of her first term, she gets re-elected with a landslide of a majority of a hundred and forty-four. At this point, she's as powerful as she's ever been.
29:01 Alice Levine? Unbelievable. So if we're thinking about Asil standing there in front of her, what is she representing to him, do you think?
29:08 Matt Forde? What she would embody, as she still does for a lot of people now, the true spirit of entrepreneurial Britain. She was very much on the side of people who wanted to set up their own businesses and do well. Obviously, a lot of people see that at the expense of a manufacturing base, erosion in mining and making cars and all those sorts of things. But if you were a small businessman who wanted to do business the way Thatcher agreed with, then she was a heroine. Asil tells Thatcher how he's transformed Polly Peck from an outdated clothing firm to a profitable multinational. I used my contacts in northern Cyprus, started exporting fruit there, then expanded into packaging, and now we're moving into electronics.
29:53 Matt Forde? She nods. And what silly regulations are still in your way? He starts to answer when his eyes fall on a newspaper on the table next to him. He freezes at the headline. Turkish delight! He hadn't noticed it before. He stares in horror at the double photo of him on the front page with his wife and kids, and his mistress and kids. He can't let Mrs Thatcher see this, especially with her traditional family values. He looks back at her. It's too late. He watches in horror as she picks up the newspaper.
30:34 Matt Forde? She dangles it between her finger and thumb and tells her aide, "I don't think we need this."
30:44 Matt Forde? The aide discreetly folds it over and carries it out of the room. I prefer facts to tittle-tattle, Mr Nadir. He mutters out his gratitude, but she waves it away. I'd like some advice on our new trade deal with Turkey. Would you care to join me for tea soon? His eyes widen.
31:07 Speaker 04 I'd like that very much.
31:11 Matt Forde? He watches her move away, feels like he's floating on air.
31:16 Matt Forde? Tea with Mrs Thatcher, he can't wait to tell his dad. He'll write a cheque as soon as he gets home, donate a few hundred grand to the Conservative Party, show her he's a serious player. From now on, he's going to do everything he can to build up this relationship, make himself indispensable. In a few years' time, he could even become Sir Asil Nadir and take his place right at the heart of the British establishment.
31:53 Alice Levine? Just as long as you're not getting ahead of yourself, you're doing this for all the right reasons, this isn't just some overinflated daddy issues which we know and love on this show.
32:01 Matt Forde? It's what got both of us where we are today.
32:03 Alice Levine? No comment.
32:04 Matt Forde? It's what my dad said when I tracked him down.
32:10 Matt Forde? A few weeks later, northern Cyprus. Michael Gillard skips down the steps of the tiny bed and breakfast and hurries along the narrow street. It's 10 in the morning and his shirt's already sticking to his back with the heat. But he doesn't care about that, he's desperate to get a scoop.
32:32 Matt Forde? And he's finally persuaded his editor at The Observer to let him investigate Thatcher's new favourite businessman, Asil Nadir. Asil's businesses are flourishing here, but Gillard's been hearing rumours about false accounting and tax evasion. And now, he's going to see for himself what's really going on.
32:54 Matt Forde? Half an hour later, he gets to Polypek's brand-new bottled juice factory. The gates are padlocked. He can't trespass. Can he?
33:05 Alice Levine? Oh, this guy's a character. I was going to ask you, actually, because Michael Gillard doesn't ring a bell. Often we hear journalists pop up across different series. What's Michael's deal?
33:14 Matt Forde? Well, there might be a reason he doesn't ring a bell. It's because he often writes under the pseudonym Slicker. He's an infamous private eye and observer journalist, and a proper investigative journalist. And part of the reason he's very hard to find is because, among his many projects, he exposed the work of a lot of gang bosses. So this guy really does the hard stuff. Trespassing is quite low down on his risk register.
33:42 Matt Forde? Michael checks no one's watching, then throws his bag over the fence, climbs up, and hops over, and heads towards the gleaming new building.
33:55 Matt Forde? He stops, open-mouthed, looks at the half-built walls, the abandoned machinery and broken glass. He grabs his camera,
34:06 Matt Forde? photographs everything. He flicks through his notebook. Polypek is forecast to make £42 million this year. Much of it is from businesses registered in Cyprus and Turkey. But this is the second half-built place he's visited in as many days. It just doesn't make any sense.
34:30 Matt Forde? Two days later, he heads off to find Polypek's auditors for some answers. He's tried to contact Asul Nadia, but he won't return his calls. He stands in front of a garage, checks the address. The office should be right here. He looks up at some cracked windows, and realises with shock that this is it. He skips up the stairs, heads into the office. Two bored-looking middle-aged men look at him in surprise. The third, an older man in the corner, seems to be asleep. A cat stretches out on his desk. He stares in disbelief. Can these men really be auditors for one of the richest, fastest-growing firms in the world?
35:17 Matt Forde? He tries to ask a few questions, but his Turkish isn't good enough and the men shrug, shake their heads. He gives up. He won't get any answers from them.
35:29 Matt Forde? An hour later, he heads to the checking desk at the airport, feels in his pocket for the rolls of film. He's leaving with more questions than answers, but they're questions Nadir needs to face.
35:42 Speaker 04 BA Flight 661 will be departing from Gate 5.
35:48 Matt Forde? He's about to walk through the gate when two policemen rush towards him.
35:53 Speaker 04 Michael Gillad.
35:55 Matt Forde? Before he can say anything,
35:58 Matt Forde? they push him into a small room, handcuff him. He hears his own panicked voice. What's this all about?
36:06 Speaker 04 You're under arrest for trespassing.
36:09 Matt Forde? He tries to protest, but he's shaking with fear. He blinks around, tries to push down his growing panic, and realises: chasing this story has just got a lot more dangerous. But it's proof Nadir definitely has something to hide. And he isn't going to stop digging until he's found out exactly what that is.
36:41 Matt Forde? The following Sunday, Baggrave Hall, Hungerton. Asil adjusts the antique violin under his chin, squints at the music sheet on the stand, and tries hard to follow the notes.
36:57 Matt Forde? He wants to get some practice in before his mistress, Lesley, turns up with their kids.
37:04 Matt Forde? He snatches up the phone. He's about to blast whoever's called him on a Sunday when he hears a Times journalist introduce himself and ask:
37:12 Speaker 02 Any comment on the Observer article, Mr. Nadir?
37:16 Matt Forde? He frowns. What article? He looks out of the tall sash windows, sees his prize-winning Aberdeen Angus bull snort as his two security advisers march toward the house.
37:30 Alice Levine? That is a British scandal first. I guess, what do you get for the man who has everything? A prize Aberdeen Angus bull is apparently the answer.
37:38 Matt Forde? It just makes me hungry thinking about Aberdeen Angus.
37:41 Alice Levine? Oh god.
37:43 Matt Forde? A few minutes later, his butler shows them both in. The senior of the two, a man with a large mop of grey hair, hands over a copy of The Observer.
37:53 Matt Forde? Asil feels his heart race as he skims through the article.
37:57 Speaker 04 Polypek's investors need to question how the company can earn huge sums from hundra or even non-existent activities in Turkey and northern Cyprus.
38:07 Matt Forde? He looks at the byline.
38:09 Speaker 04 Michael Gillard?
38:12 Matt Forde? He vaguely remembers some journo ringing him from Cyprus last week. Was it him? He grabs the huge computer monitor on his desk, clicks it on, and stares in horror at the flickering stock market figures. Polypek's shares in the Far East are tumbling. He grabs his cigarettes, lights a silk cut, spits out at the two men.
38:38 Speaker 04 I need this dealt with. Solutions!
38:43 Matt Forde? The younger adviser, a large man with a thick neck, shuffles awkwardly in the delicate Italian gilt wood chair.
38:51 Matt Forde? Sir, you could invite him back to Cyprus. Tell him he has free access to your factories. Then, well, some of the roads can be treacherous, especially up the mountains.
39:03 Matt Forde? Asil watches as the men glance at each other.
39:06 Speaker 04 What he means is, if he had an accident...
39:10 Matt Forde? Asil stares, eyes popping in disbelief.
39:14 Speaker 04 Don't be so fucking ridiculous! I meant, how do I step up security at the factories?
39:21 Matt Forde? Asil crushes out a cigarette, lights another. He doesn't know where he finds these faults sometimes.
39:28 Speaker 04 And just get out, both of you!
39:31 Matt Forde? He watches them get to their feet. But the older one hesitates. Sir, this Michael guy, he's like a dog with a bun. He ain't gonna let go of this.
39:47 Matt Forde? When they've gone, he leans back, rubs at his aching forehead. He closes his eyes, tries to figure a way to spin this. He looks back at the newspaper, then at his rolodex, and sits upright as it hits him. He'll fight fire with fire. If Gillard is hell-bent on destroying his reputation, he'll do the same back, through a rival newspaper. Asil snatches up the phone, dials the editor's number on the rolodex card. He'll throw dirt back at Gillard, attack his character, his integrity, give him a dose of his own medicine. And if that doesn't work,
40:31 Matt Forde? maybe he will consider another way to shut him up. For good.
40:41 Matt Forde? Four years later, 1990. Michael Gillard's house, London. Michael pulls himself a glass of wine. He opens the oven, checks his lasagna. He smiles as his glasses steam up. He's having a dinner party tonight with a few old friends, and he's determined to impress them with his cooking. Michael picks up the phone as he wipes his glasses. Here's a man's voice.
41:10 Speaker 02 I have information about Asil Nadir. I'm in the Angel pub in Slinton. Can you meet now?
41:18 Matt Forde? He hangs up, takes a mouthful of wine. He's been writing about Nadir for The Observer and The Slicker column in Private Eye for years now, but nothing ever sticks. Nadir just gets richer and richer. He's even just bought the famous canned fruit firm Del Monte, and right now, Polly Peck is worth almost £2 billion.
41:40 Alice Levine? Jesus. Are the Zelkers still on the board? Bet they're absolutely kicking themselves.
41:47 Matt Forde? Michael turns his wineglass in his hand. Investigating Nadir has cost him dearly. A few years back, someone put out a rumor that Michael was a Greek spy, hell-bent on bringing Nadir down. He even found out there was a plot to kill him in northern Cyprus because of his writing about Nadir. Still, there was something in that man's voice. A trace of fear.
42:13 Matt Forde? He snatches up his coat and heads out into the night.
42:18 Matt Forde? A short while later, he hurries down a narrow street.
42:23 Matt Forde? Glances nervously over his shoulder to make sure he's not being followed.
42:28 Matt Forde? His pulse races at the sound of footsteps gaining on him. He spins around, eyes wide. Then relaxes as a young couple overtake him. He lets the breath escape from his lungs, swallows hard, then dips into the busy pub.
42:46 Matt Forde? He scans the crowd of drinkers.
42:49 Matt Forde? He's not quite sure who he's looking for. He sits on a stool, runs his fingers through his thick hair. Starts to think this could be another hoax. Mr. Gilad.
43:03 Matt Forde? He looks over at a neatly dressed man in a woolen coat and thick glasses. The man's eyes dart around nervously. He's met enough whistleblowers in his time to sense who's genuine. But if this guy really has got something on Nadir, he needs to tread carefully to get it. I don't need to know your name, but I do need to know this information is genuine. The man takes a long gulp from his glass, then reaches into his coat and hands over a thick manila envelope.
43:36 Matt Forde? Michael looks at the photocopies in front of him. Page after page of transactions with millions pouring out of Polypek's accounts into offshore accounts in Jersey, Switzerland and the Bahamas. His eyes widen as he traces the money back. Nadir's been moving money from Polypek and buying up millions of pounds worth of shares... in Polypek.
44:03 Matt Forde? He's been artificially keeping the share price high. All this time, Nadir's had his hand in the till illegally propping up his own company. He looks up, ready to fire questions at the man, but he's gone. He shoves the papers back in the envelope and hurries out of the pub. Asil Nadir may well be one of Thatcher's favourites and almost untouchable, but he's also been running one of the biggest frauds this country has ever seen. And now, Michael's going to make sure the rest of the world knows it.
44:49 Speaker 05 In January 1995, 18-year-old Krista Pike and two friends lured a classmate, 19-year-old Colleen Slammer, to an abandoned steam plant and killed her. At just 20 years old, Pike was sentenced to death. 30 years later, on September 30th, 2026, the state of Tennessee tried to execute her and failed. I'm Candace DeLong, former FBI profiler and host of the podcast Killer Psyche, where we go inside the minds behind the most shocking crimes. In our latest episode, we take you inside the case of Krista Pike. The brutal crime, the childhood of abuse, three decades of appeals, and the night an execution went terribly wrong.
45:35 Speaker 05 Follow Killer Psyche wherever you get your podcasts. Audible subscribers can listen to all episodes of Killer Psyche one week early and ad-free right now. Join Audible in the Audible app or by subscribing on Apple Podcasts.
45:49 Speaker 06 By 1779, Benedict Arnold had sacrificed more for the revolution than almost any other man in America. One of George Washington's most effective commanders, he had nearly lost a leg in the Second Battle of Saratoga. But in return, Arnold believed he had been humiliated by Congress and cheated of his glory by lesser men, so he decided to make them pay. Hi, I'm Lindsey Graham, the host of the podcast. American Scandal. We bring to life some of the biggest controversies in US history. Presidential lies, environmental disasters, corporate fraud. In our latest series, Benedict Arnold turns his back on his comrades in the Continental Army and secretly defects to the British. With the help of his wife, he plots to hand over the most important colonial fortress
46:33 Speaker 06 to the enemy and doom the revolution he once served. Follow American Scandal wherever you get your podcasts. Audible subscribers can binge all episodes of American Scandal early and ad-free right now. Join Audible in the Audible app or by subscribing on Apple Podcasts.
46:59 Matt Forde? A week later, Sheraton Voyager Hotel, Northern Cyprus. Asil waits in the wings at the side of the stage, tucks down his pristine white tux, and takes a deep breath. It's the opening night of his brand-new hotel, and already the press are hailing him as a national hero for building it.
47:21 Alice Levine? I thought he sold suits.
47:23 Matt Forde? Suits, tin fruit, hotels. The classic Holy Trinity of business. Tonight, though, he needs to impress this VIP audience. He grabs the microphone on cue, dances out onto the stage, and launches into his duet with Turkey's top pop singer, Sazin Axu. He shimmies his shoulders, sings at the top of his voice, as she pats then joins in for the chorus. He blinks into the audience. They're on their feet. He bows, blows kisses, and feels like his teenage hero, Cliff Richard.
48:05 Alice Levine? Bloody hell, Cliff Richard is getting a lot of airtime. I did not expect this.
48:10 Matt Forde? Such a funny thing that anyone would think, "Look at him, thinks he's Cliff Richard."
48:17 Matt Forde? Two days later, he staggers into his 18th-century townhouse office in Berkeley Square. He's been celebrating since he walked off that stage, right up to the champagne cocktails on his private jet home. But now his head throbs and his stomach gurgles. He switches on his computer monitor and grins. Polly Peck's shares are through the roof. He picks up one of the small gold turtles on his desk, rings for his P A to get him a table at Harry's bar for a celebratory lunch. A few seconds later, his P A appears, ashen-faced in the doorway. Mr Nadir, I tried to stop them.
48:57 Alice Levine? Sybil? What's she doing there? Who let the Zelkers in?
49:03 Matt Forde? Asil reels back, startled as half a dozen people barge in. A heavily-built man slaps a piece of paper on his desk. He stares at the serious Fraud Office logo.
49:14 Speaker 04 What on earth is going...
49:17 Matt Forde? But the officer cuts in.
49:18 Speaker 04 Asil Nadir, we are serving you with a Section 2 notice. You are compelled to fully answer any question we put to you and produce any documents we request.
49:30 Matt Forde? He hears his shaky voice protest.
49:32 Speaker 04 This is insane!
49:35 Matt Forde? But the man carries on.
49:37 Speaker 04 Failure to comply will lead to a criminal prosecution being taken against you. Do you understand?
49:43 Matt Forde? Asil nods, feels sick as officers swarm around him, bagging up documents, emptying drawers. They snatch away his computer monitor, his rolodex. And that's when he sees it. The newspaper headline. "Asil Nadir Uses Stolen Money to Secretly Booze Polly Peck's Shares." He slams his gold lighter on the table as he sees Gillard's name. He might have known he was behind this. Gillard might have landed a punch, but Asil's determined to win this fight. He's going to grind him to dust if it's the last thing he ever does. And he knows just the person to help him do it.
50:34 Matt Forde? Forty-eight hours later, New York.
50:38 Matt Forde? Asil steps out of the limousine in front of the Peninsula Hotel. Makes his way up the sweeping staircase. He mingles with the delegates, all here for tomorrow's United Nations event. Then takes a glass of champagne and heads into the vast reception room. The Serious Fraud Office raid has hit him hard. Polly Pex had millions wiped off its share price. He's had non-stop calls from angry shareholders yelling obscenities at him and his staff. Worse still, his own fortune is plummeting. In the hours it's taken him to fly here from London, his personal wealth has dropped by £160 million.
51:22 Alice Levine? Oh my god.
51:24 Matt Forde? He was on that flight for 10 years.
51:28 Matt Forde? He needs to stop this freefall, and fast. He pushes his way through the well-heeled crowd, takes in the smell of expensive perfume and cigar smoke, and spots the person he's here to see. Watches her familiar bouffant parting the crowd. He marches over, tries to look relaxed as he takes Mrs Thatcher's hand and kisses it.
51:52 Alice Levine? Does Margaret Thatcher strike you as the kind of person who would want her hand kissed? I'm gonna say no, she's gonna bite it right off.
51:58 Matt Forde? I'm gonna say no. Margaret Thatcher strikes me as the sort of person who doesn't want any part of a kiss.
52:04 Alice Levine? Right, okay, I've not really given that much thought.
52:06 Matt Forde? Oh, she's scary, isn't she? Do scary people like to be kissed? Get in touch, british scandal at wondery.com.
52:14 Matt Forde? Mr Nadir, I really don't think... He cuts in. None of these allegations are true, I swear. The press are lying, and the Serious Fraud Office believe them. He feels tears spring to his eyes. He blinks them away, desperate not to cry in front of Margaret Thatcher.
52:36 Matt Forde? When Asil looks back, her face has softened. This must be terrible for you, Asil. Asil nods, takes a deep breath, psychs himself up.
52:49 Matt Forde? If you could have a word from me, call them off. She puts her hand on his, tilts her head. Her eyes are full of sympathy. You do not deserve to be treated like this.
53:05 Matt Forde? He feels relief sweep through his body, starts to thank her over and over.
53:10 Alice Levine? Kisses her hand, her arm, her shoulder, her face.
53:14 Matt Forde? Her neck, the small of her back. Whoa!
53:19 Matt Forde? Thatcher purses her lips. But, as long as you're under investigation, there's nothing I can do. I'm very sorry, Asil. He stares at her, eyes bulging as she turns, and walks away.
53:38 Matt Forde? For a moment, he can't breathe. Then a sudden surge of anger rips through him. He's donated one and a half million pounds to her party over the years, and now she's refusing to help him when he needs it most.
53:54 Matt Forde? He slams down his glass on the waiter's tray and storms out.
54:02 Matt Forde? Ten hours later, he looks out of the window at the grey London skyline as his Concorde flight comes in to land. He hasn't slept the whole journey. He still can't find a solution to this mess. He glances at the tarmac, then sits bolt upright.
54:21 Matt Forde? The whole plane is surrounded by blue flashing lights. Before he knows what's happening, two uniformed police officers lift him from his seat, slap on handcuffs, and take him outside to a waiting van.
54:35 Matt Forde? He hears them say something about a charge of fraud and false accounting. Someone shoves something into his manacled hands. He looks down. It's a tax bill.
54:47 Matt Forde? The number swirling in front of him. He hears himself yelling, "Bastards!"
54:54 Matt Forde? His chest pounds as he realizes. His whole world is collapsing around him. He's not fighting to save his business anymore. Right now, he's fighting for his life.
55:11 Alice Levine? Oh, it's so good. Do you know what makes me excited about this? Usually, this would be episode three. This would be the end. It's all come a cropper. But this is episode one. So what on earth happens in episode two?
55:20 Matt Forde? Sadly, you've got to wait a week to find out. Unless, of course, you've got Wondery Plus.
55:26 Speaker 07 There are books that change how you see the world, and there are books that change how you see yourself. In a new podcast series, A Great Book with Barack Obama, President Obama sits down with a series of surprising and sharp guests to explore six books that have shaped his life and perspective on the world. From Song of Solomon and the Fire Next Time, to All the Pretty Horses and Gilead, the president is joined by guests like Tom Hanks and Ta-Nehisi Coates to reflect on how these timeless stories shaped his thinking on everything from fatherhood to leadership, and discover together what they tell us about the world we live in and the world we want to create.
56:09 Speaker 07 Audible subscribers can listen to all episodes of A Great Book with Barack Obama ad-free right now, plus access each audiobook discussed in the series. Download the Audible app today.
56:26 Speaker 08 Dr. Seuss's Cat in the Hat and Fish are back for a whole lot of wonderfully whimsical fun. What happens when you switch bodies with your best friend? Discover a caveman frozen in ice? Or make an alien so angry he threatens to destroy the planet? Find out in season two of the Cat in the Hat podcast. The Cat and Fish are traveling the world in the great catastrophic Cockafany Cruiser, meeting genies, clown professors, cave trolls, and extraordinary characters along the way. With clever wordplay, imaginative rhymes, original songs, and stories celebrating curiosity, empathy, and creative problem solving, every adventure brings something new to discover.
57:08 Speaker 08 It's a world of wonderful words, big imaginations, and plenty of heart for the whole family. Listen to the Cat in the Hat podcast wherever you get your podcasts. Audible subscribers can binge all 20 episodes early and ad-free right now.
57:28 Matt Forde? From Wondery and Sam is That Audio, this is the first episode in our series, Thatcher's Favourite Fraudster.
57:34 Alice Levine? A quick note about our dialogue: in most cases, we can't know exactly what was said, please see the kissing of the back of the neck, but all our dramatizations are based on historical research.
57:44 Matt Forde? If you'd like to know more about this story, you can read 'Assal Nadir and the Rise and Fall of Polly Peck' by David Barchard, 'Who Killed Polly Peck?' by Elizabeth Forsyth, 'The Turquoise Conspiracy' by Bill Gay Nevzat, and 'Assal Nadir: Fugitive from Injustice' by Tim Hindle.
58:01 Alice Levine? And remember, if you want to get in touch with us with comments, suggestions, complaints, ideas, whatever it may be, then you can email us at [email protected] .
58:10 Matt Forde? British Scandal is hosted by me, Matt Ford.
58:13 Alice Levine? And me, Alice Levine.
58:14 Matt Forde? Written by Karen Laws. Additional writing by Alice Levine and Matt Ford. Our story editor is James Maniac. Sound design by Louis Blathwick. Our engineer is Jai Williams. For Sam is That, our producer is Redsey Bernard. Our assistant producer is Louise Mason. Our senior producer is Joe Sykes. For Wondery, our senior producer is Theodora Leludis, and our senior managing producer is Rachel Sibley. Executive producers for Wondery are Estelle Doyle, Chris Bourne, Morgan Jones, and Marshall Louie.
59:02 Speaker 09 Ghosts aren't real. At least, that's what journalist Tristan Redman always believed. Sure, odd things happen in his childhood bedroom, but ultimately, he shrugged them off. Until he discovered that he wasn't alone, that everyone who lived there after him also had bizarre experiences they couldn't explain. And it gets even weirder. It just so happens that his wife's great-grandmother was murdered in the house next door. Is this ghost somehow connected to her murder? He decides to go where no son-in-law should, digging up a cold case and asking questions that nobody wants answered. Like, could his wife's great-grandfather have gotten away with the perfect crime? This is a podcast about family secrets, overwhelming coincidence, and the things that come back to haunt us.
59:47 Speaker 09 For the best bingeable series like Ghost Story, listen to the Audible True Crime Podcast wherever you get your podcasts. Audible subscribers can get all episodes early and ad-free right now. Join Audible in the Audible app or by subscribing on Apple Podcasts.
1:00:02 Speaker 02 I'm Gemma Whelan, and in the new season of The Spy Who, we tell the story of the original femme fatale, the spy who was Mata Hari. A famous dancer turned World War I secret agent, accused of seducing Allied officers to uncover their plans. But was she a temptress or a scapegoat for French failures? Follow The Spy Who now, wherever you listen to podcasts. You can also listen to the full season of The Spy Who Was Mata Hari early and ad-free on Audible.
Previous The IRA Heiress | What Rose Dugdale Did Next | 4 Next Thatcher's Favourite Fraudster | Big Bird | 2 Page updated November 3, 2026 · transcript and summary are machine-generated