The cash went through a complex series of transactions from his business Polly Peck International to pay for million-pound properties, cars and gifts for himself and his family, it was alleged.
These included being transferred to a bank Asil Nadir, 70, owned in Northern Cyprus, the court heard.
Turkish tycoon Asil Nadir was said to have stolen the money between 1987 and 1990 and he was due to stand trial in 1993.
However, in May that year, Asil Nadir “fled the country back to Northern Cyprus, thus leaving the jurisdiction only to return in August 2010”, said Philip Shears QC, prosecuting.
Asil Nadir, of Mayfair, central London, who didn’t return to London until August 2011, denies the charges. The case before Mr Justice Holroyde is due to last at least four months.
Nadir abused his position as chairman and chief executive of PPI to steal from the company, the court was told.
Nadir is facing trial over 13 charges amounting to £33million and $2.5million. But Mr Shears said the ‘much bigger picture’ was that he stole £146million and $6.4million in a total of 64 transfers.
Mr Shears said most of the funds ended up “within a fairly complex structure of offshore companies” based in Switzerland, the Bahamas and elsewhere.
“He was a man who wielded very considerable power over its operations and management, and that of its subsidiaries, particularly in Northern Cyprus. He abused that power and helped himself to tens of millions of pounds of PPI’s money,” Mr Shears said.
“As a director of PPI and a signatory on the account, he was entitled to instruct PPI’s bankers to transfer funds. However, he would have no authority to transfer or authorise funds from PPI for his own personal benefit or that of his family or associates.
The trial was adjourned to Tuesday.
