87-452: Polly Peck International (PPI) was a small British textile company which expanded rapidly in the 1980s and became a constituent of the FTSE 100 Index before collapsing in 1991 with debts of £1.3 billion, eventually leading to the flight of its CEO, Asil Nadir to Northern Cyprus in 1993. Polly Peck was one of several corporate scandals that led to the reform of UK company law , resulting in
174-619: A department of the British Government responsible for the collection of direct taxation , including income tax , national insurance contributions , capital gains tax , inheritance tax , corporation tax , petroleum revenue tax and stamp duty . More recently, the Inland Revenue also administered the Tax Credits schemes, whereby monies, such as Working Tax Credit (WTC) and Child Tax Credit (CTC), are paid by
261-544: A rights issue to raise £1.5m of new capital for investments abroad. In 1982 Nadir began the early ventures. These included Uni-Pac Packaging Industries Ltd, Voyager Kibris Ltd, and Sunzest Trading Ltd, three companies incorporated in the Turkish Republic of Northern Cyprus . Uni-Pac was a corrugated box manufacturer and packaging company formed to take advantage of surplus citrus fruit being grown in Cyprus, which
348-739: A ' made in Ethiopia ' brand, the government, global brands and foreign manufacturers did not anticipate that the base salary was simply too low for workers to make a living from." The prominence of small and medium enterprises (SMEs) within the European Union 's textile industry has been noted by the European Commission : The European textile and clothing industry is a highly diversified, innovation and creativity driven industrial sector made up largely of SMEs: firms had an average of 10 employees in 2009, down from 18 employees at
435-529: A 51% majority stake in Sansui (a Japanese electronics company on hard times). This was one of the first foreign acquisitions of a major Japanese company listed on the Tokyo Stock Exchange. Also in 1989, Polly Peck bought the former Del Monte canned fruit division for $ 875 million from RJR Nabisco , which had previously acquired it. Polly Peck then gained the ultimate accolade of being admitted to
522-484: A Bangladeshi garment worker will earn in her lifetime. In April 2013, at least 1,135 textile workers died in the collapse of their factory. Other fatal accidents due to unsanitary factories have affected Bangladesh: in 2005 a factory collapsed and caused the death of 64 people. In 2006, a series of fires killed 85 people and injured 207 others. In 2010, some 30 people died of asphyxiation and burns in two serious fires. In 2006, tens of thousands of workers mobilized in one of
609-745: A Swiss nominee company, Fax Investments, in shares in Polly Peck and another company run by Mr Nadir's son, Birol. It found a trail of transactions which indicated that money had come from Polly Peck businesses in northern Cyprus to Fax. When confronted about these deals, Mr Nadir told Polly Peck's auditors, Stoy Hayward , that one of the group's Northern Cyprus businesses "provided what were in effect personal banking services for certain Turkish and [Northern Cypriot] residents". The auditors described this arrangement as "extremely unwise transactions". On top of these massive money transfers and "unwise transactions",
696-799: A coagulating medium. In dry spinning (acetate and triacetate), the polymer is contained in a solvent that evaporates in the heated exit chamber. In melt spinning (nylons and polyesters) the extruded polymer is cooled in gas or air and then sets. Some examples of synthetic fibers are polyester, rayon, acrylic fibers and microfibers. All these fibres will be of great length, often kilometres long. Synthetic fibers are more durable than most natural fibers and will readily pick-up different dyes. Artificial fibres can be processed as long fibres or batched and cut so they can be processed like natural fibre. Sheep, goats, rabbits, silkworms, and other animals, as well as minerals like asbestos, are sources of natural fibers (cotton, flax, sisal). These vegetable fibers can originate from
783-413: A late addition to the industry and took off after English spinning technology was introduced at the turn of the 19th century. Industrialisation of the industry occurred in the 1830s after adoption of the factory system, and the removal of restrictions by Britain on the emigration of expert labour (1825) and of machinery (1842). Steam power was introduced but the cost of imported coal and steam engines, led to
870-537: A lesser extent, television public information broadcasts in the 2000s and 2010s. The beginnings of the Inland Revenue date from 1665, when a Board of Taxes was set up following the introduction of special taxes to pay for the Second Anglo-Dutch War . A central organisation to supervise the collection of the special taxes was required; it became known as the Tax Office . Taxes administered by
957-428: A light aircraft to France, where he flew on to Turkish Cyprus, which has no extradition agreement with Britain, and until 26 August 2010 he remained a fugitive in northern Cyprus, which is only recognised by Turkey. Peter Dimond, the pilot who flew him out of Britain, was convicted of aiding a fugitive, but the conviction was quashed once it was determined that the bail had lapsed. In 1996, Mr Nadir's aide Elizabeth Forsyth
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#17327804337351044-484: A mainstream industry. In 1734 in Bury, Lancashire John Kay invented the flying shuttle — one of the first of a series of inventions associated with the cotton woven fabric industry. The flying shuttle increased the width of cotton cloth and speed of production of a single weaver at a loom . Resistance by workers to the perceived threat to jobs delayed the widespread introduction of this technology, even though
1131-670: A maximum of 400 spindles; after, self-acting mules with up to 1300 spindles could be built. The industrial revolution changed the nature of work and society The three key drivers in these changes were textile manufacturing , iron founding and steam power . The geographical focus of textile manufacture in Britain was Manchester and the small towns of the Pennines and southern Lancashire . Textile production in England peaked in 1926, and as mills were decommissioned, many of
1218-659: A monthly salary of 26 dollars per month. These very low wages have led to low productivity, frequent strikes and high turnover. Some factories have replaced all their employees on average every 12 months, according to the 2019 report of the Stern Centre for Business and Human Rights at New York University . The report states: "Rather than the docile and cheap labour force promoted in Ethiopia, foreign-based suppliers have met employees who are unhappy with their pay and living conditions and who want to protest more and more by stopping work or even quitting. In their eagerness to create
1305-478: A quarter of British exports during most of the 18th century, doubling between 1701 and 1770. The British textile industry drove the Industrial Revolution, triggering advancements in technology, stimulating the coal and iron industries, boosting raw material imports, and improving transportation, which made Britain the global leader of industrialization, trade, and scientific innovation. Exports by
1392-727: A rights issue, raising £2.76 million. This capital, plus a further £6 million from Polly Peck, was used to set up the 'Niksar' mineral water bottling plant in Turkey. Niksar subsequently sold an estimated 100 million bottles of water to the Middle East . In 1983, Nadir also began expanding PPI's textile business by purchasing a 76 percent stake in Santana Inc. in the United States, and a majority stake in InterCity PLC in
1479-412: A separate condenser. In 1764, James Hargreaves is credited as inventor of the spinning jenny which multiplied the spun thread production capacity of a single worker — initially eightfold and subsequently much further. Others credit the invention to Thomas Highs . Industrial unrest and a failure to patent the invention until 1770 forced Hargreaves from Blackburn, but his lack of protection of
1566-426: A small fashion house, founded by the husband-and-wife team of Raymond and Sybil Zelker. The clothes were designed by Sybil, and the business end was handled by Raymond. By the end of the 1970s the fashion house was struggling. Early in 1980 Restro Investments, a company Nadir controlled, bought 58% of the company for £270,000. Asil Nadir took over as Chief Executive on 7 July 1980. On 8 July 1980 Polly Peck launched
1653-632: Is "cheaper than anywhere else in the world." While some smaller factories were documented making pay cuts and layoffs, most downsizing was essentially speculative – the orders for goods kept coming even after the MFA expired. In fact, Bangladesh's exports increased in value by about $ 500 million in 2006. For textiles, like for many other products, there are certain national and international standards and regulations that need to be complied with to ensure quality, safety and sustainability. The following standards amongst others apply to textiles: The textile industry
1740-492: Is considered to be one the largest polluters of water and soil ecosystems , causing "carcinogenic, mutagenic, genotoxic, cytotoxic and allergenic threats to living organisms". The textile industry uses over 8000 chemicals in its supply chain, also polluting the environment with large amounts of microplastics and has been identified in one review as the industry sector producing the largest amount of pollution. Inland Revenue The Inland Revenue was, until April 2005,
1827-454: Is one of the largest polluters in the globalized world of mostly free market dominated socioeconomic systems. Chemically polluted textile wastewater degrades the quality of the soil and water . The pollution comes from the type of conduct of chemical treatments used e.g., in pretreatment, dyeing, printing, and finishing operations that many or most market-driven companies use despite "eco-friendly alternatives". Textile industry wastewater
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#17327804337351914-464: Is second in global textile manufacturing and also second in silk and cotton production. 100% FDI is allowed via automatic route in textile sector. Rieter , Trutzschler, Saurer , Soktas, Zambiati, Bilsar, Monti, CMT, E-land , Nisshinbo , Marks & Spencer , Zara , Promod , Benetton , and Levi's are some of the foreign textile companies invested or working in India. The key British industry at
2001-458: Is the most widely cited example of an unpopular and most difficult to enforce tax, the Duty on Hair Powder Act 1795 . The last stamp taxes to remain are stamp duty land tax and stamp duty reserve tax ; however the use of physical stamps has ceased. In June 1833, following a steady reduction in the number of different taxes and duties being levied, a single body of commissioners was set up to merge
2088-512: Is the one Mediterranean exception to the tendency of early industrialisation to be concentrated in northern Europe. The industry began in the early 18th century in Barcelona, when printed cloth chintz (Catalan: indianes) was produced as an import substitution. The market quickly expanded to the American colonies from where dyes and (later) cotton raw materials could be sourced. Spinning was
2175-534: Is the only industry that has generated huge employment for both skilled and unskilled labour in textiles. The textile industry continues to be the second-largest employment generating sector in India. It offers direct employment to over 35 million in the country. According to the Ministry of Textiles , the share of textiles in total exports during April–July 2010 was 11.04%. During 2009–2010, the Indian textile industry
2262-595: The Cartwright Loom, the Spinning Mule and the Boulton & Watt steam engine, the pieces were in place to build a mechanised woven fabric textile industry. From this point there were no new inventions, but a continuous improvement in technology as the mill-owner strove to reduce cost and improve quality. Developments in the transport infrastructure; that is the canals and after 1831 the railways facilitated
2349-563: The European Union (EU) imposed no restrictions or duties on imports from the very poor countries, such as Bangladesh , leading to a massive expansion of the industry there. At the General Agreement on Tariffs and Trade (GATT) Uruguay Round , it was decided to bring the textile trade under the jurisdiction of the World Trade Organization (WTO). The WTO Agreement on Textiles and Clothing (ATC) provided for
2436-401: The FTSE 100 Share Index in 1989. In less than ten years, under this growth-by-acquisition strategy, PPI's market capitalization went from only £300,000 to £1.7 billion at its peak. It became a holding company for a worldwide group of over 200 direct and indirect subsidiary companies. With pre-tax profits of £161.4 million, net assets of £845 million and 17,227 employees, the Polly Peck group
2523-677: The Serious Fraud Office raided South Audley Management, the company that controlled the Nadir family interests. The raid triggered a run on Polly Peck shares. Trading in the company's shares was suspended that day. PPI's problems became apparent from the structure of the group's debts. The company had over £100 million in short-term revolving lines of credit. Even more debt consisted of long term loans for which Nadir had offered Polly Peck's shares as collateral . At end of October 1990 an ex-parte application for provisional liquidation
2610-457: The 18th and early 19th centuries at various times (as financial strains on the economy demanded, and Parliament allowed) stamp duties were extended above a certain threshold of sale value to cover newspapers, pamphlets , lottery tickets, apprentices ' indentures , advertisements, playing cards, dice, hats, gloves, patent medicines , perfumes, insurance policies, gold and silver plate and armorial bearings (coats of arms) . One further category
2697-401: The 20th century. In the 1920s, the computer was invented; in the 1940s, acetate , modacrylic , metal fibres, and saran were developed; acrylic , polyester , and spandex were introduced in the 1950s. Polyester became hugely popular in the apparel market, and by the late 1970s, more polyester was sold in the United States than cotton. By the late 1980s, the apparel segment was no longer
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2784-706: The Board of Taxes included the Land Tax , first levied in 1692, along with the window tax and house tax , both of which dated from 1696. In 1785 a number of other miscellaneous taxes, administered by the Stamp Office and the Excise Office, were transferred to the Tax Office; these included taxes on carriages (dating from 1747), on wagons and carts, on male servants (1777) and on horses (1784). Together with
2871-580: The House Tax and the Window Tax, they came to be known as the ' assessed taxes' and were intended as a progressive form of taxation on the wealthy. Income tax was introduced in various forms in 1797, 1799, 1803 to 1816, and then reintroduced in 1842 as an annual tax which is formally renewed in each year's Finance Act . A separate Board of Stamps was created by the Stamps Act 1694 . During
2958-405: The Inland Revenue or by its predecessors ( excise duties are not included): The Inland Revenue also received National Insurance contributions and administered child benefit payments and Tax Credits . The leadership and taking of the highest level of decisions is ministerial as the concept of any particular tax and the degree of success in collecting any particular tax rests ultimately with
3045-462: The UK, allowing him to return. The Serious Fraud Office said if Mr Nadir did return to the UK he would be put on trial for 66 counts of theft. Having received an undertaking that he would once again be given bail but would be kept under electronic surveillance, he returned to the UK on 26 August 2010. On Friday 3 September 2010, Asil Nadir was put under a midnight to 6 am curfew, an electronic tag and
3132-677: The UK. Nadir then extended PPI's textile operations into the Far East , acquiring a majority stake in Impact Textile Group in 1986, and by increasing PPI's existing stake in Shuihing Ltd. to 90 percent. In 1987 PPI acquired a majority interest in Palmon (UAE) Ltd., a manufacturer of casual shirts. In April 1984, PPI also diversified into the electronics business by acquiring 82 percent ownership of Vestel Electronics , one of
3219-414: The accountants' Joint Disciplinary Tribunal found that during 1988 Polly Peck made 24 separate payments to its subsidiaries in Turkey and northern Cyprus, totaling £58 million. The following year Polly Peck paid out £141 million in 64 different deals. The report said that "Mr Nadir was able to initiate transfers of funds out of [Polly Peck's] London bank accounts without question or challenge. Further ... he
3306-514: The average power of a mill engine was 48 hp, but Quarry Bank mill installed a new 100 hp water wheel. William Fairbairn addressed the problem of line-shafting and was responsible for improving the efficiency of the mill. In 1815 he replaced the wooden turning shafts that drove the machines at 50rpm, to wrought iron shafting working at 250 rpm, these were a third of the weight of the previous ones and absorbed less power. Secondly, in 1830, using an 1822 patent, Richard Roberts manufactured
3393-625: The beginning of the 18th century was the production of textiles made with wool from the large sheep-farming areas in the Midlands and across the country (created as a result of land-clearance and enclosure ). This was a labour-intensive activity providing employment throughout Britain, with major centres being the West Country; Norwich and environs; and the West Riding of Yorkshire . The export trade in woolen goods accounted for more than
3480-581: The beginning of the decade. In 2011, the sector consisted of more than 185 000 companies employing 1.7 million people in Europe and with a total turnover of € 152 billion. The cotton industry in Catalonia was the first industry in Spain to industrialise and led, by the mid 19th century, to Catalonia becoming the main industrial region of Spain, a position it maintained until well into the 20th century. Catalonia
3567-594: The central of Pakistan industrialisation. Between 1947 and 2000, the number of textile Mills increased from 3 to 600. In the same time, spindles increased in number from 177,000 to 805 million. Many Western multinationals use labor in Bangladesh, which is one of the cheapest in the world: 30 euros per month compared to 150 or 200 in China. Four days is enough for the CEO of one of the top five global textile brands to earn what
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3654-551: The character of Hector the Tax Inspector to help in their advertising campaign. The 2004 Budget included proposals to merge HM Customs and Excise with the Board of Inland Revenue to form a new department, HM Revenue and Customs (HMRC). The merger was implemented by the Commissioners for Revenue and Customs Act 2005 with effect from 18 April 2005. The following taxes were administered at various times either by
3741-590: The charges that he stole more than £30m from the company are "baseless" and has claimed that the SFO abused its powers, making a fair trial impossible. In 2002 the accounting disciplinary body, the Joint Disciplinary Tribunal, fined Stoy Hayward £75,000 for its role as group auditor to Polly Peck. Erdal & Co, the north Cypriot accounting firm was also fined for its audit of the north Cypriot subsidiaries of Polly Peck in 1988 and 1999. In July 2010 it
3828-461: The cotton industry – centered in Lancashire – had grown tenfold during this time, but still accounted for only a tenth of the value of the woolen trade. Before the 17th century, the manufacture of goods was performed on a limited scale by individual workers, usually on their own premises (such as weavers' cottages ). Goods were transported around the country by clothiers who visited
3915-561: The country's largest strike movements, affecting almost all of the 4,000 factories. The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) uses police forces to crack down. Three workers were killed, and hundreds more were wounded by bullets, or imprisoned. In 2010, after a new strike movement, nearly 1,000 people were injured among workers as a result of the repression. Employees of Ethiopian garment factories, who work for brands such as Guess , H&M or Calvin Klein , receive
4002-466: The developing world. Developing countries have a natural advantage in textile production because it is labor-intensive and they have low labor costs. According to a World Bank / International Monetary Fund (IMF) study, the system has cost the developing world 27 million jobs and $ 40 billion a year in lost exports. However, the Arrangement was not negative for all developing countries. For example,
4089-584: The early versions of the UK Corporate Governance Code . On 26 August 2010 Nadir returned to the UK to try to clear his name. Prosecutors alleged that he stole more than £150 million from Polly Peck and he faced trial on 13 specimen charges totalling £34 million. Nadir was found guilty on 10 counts of theft totalling £29 million. On 23 August 2012 at the Old Bailey he was sentenced to 10 years in prison. Polly Peck began in 1940 as
4176-401: The earned wages were ones that should “supplement the family income rather than provide it”, which was typically done by that of the breadwinning father or husband. It was commonly acknowledged that the role of a woman as a textile worker was a "secondary occupation and that a woman's real work was raising children and running the household”. This socially accepted convention was illustrated in
4263-418: The extensive use of hydraulic power from the late 1860s. The Multi Fibre Arrangement (MFA) governed the world trade in textiles and garments from 1974 through 2004, imposing quotas on the amount developing countries could export to developed countries . It expired on 1 January 2005. The MFA was introduced in 1974 as a short-term measure intended to allow developed countries to adjust to imports from
4350-581: The fibers by hand, to using a drop spindle , to using a spinning wheel . Spindles or parts of them have been found in archaeological sites and may represent one of the first pieces of technology available. The spinning wheel was most likely invented in the Islamic world by the 11th century. The woven fabric portion of the textile industry grew out of the Industrial Revolution in the 18th century as mass production of yarn and cloth became
4437-662: The first loom with a cast iron frame, the Roberts Loom . In 1842 James Bullough and William Kenworthy , made the Lancashire Loom , a semiautomatic power loom : although it is self-acting, it has to be stopped to recharge empty shuttles. It was the mainstay of the Lancashire cotton industry for a century, until the Northrop Loom (invented in 1894, with an automatic weft replenishment function) gained ascendancy. Thirdly, also in 1830, Richard Roberts patented
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#17327804337354524-403: The first self-acting mule. Stalybridge mule spinners strike was in 1824; this stimulated research into the problem of applying power to the winding stroke of the mule. The draw while spinning had been assisted by power, but the push of the wind had been done manually by the spinner, the mule could be operated by semiskilled labor. Before 1830, the spinner would operate a partially powered mule with
4611-552: The frame which produced what became known as the Derby Rib , that produced a knit and purl stitch. This allowed stockings to be manufactured in silk and later in cotton. In 1768, Hammond modified the stocking frame to weave weft-knitted openworks or nets by crossing over the loops, using a mobile tickler bar – this led in 1781 to Thomas Frost's square net. Cotton had been too coarse for lace , but by 1805 Houldsworths of Manchester were producing reliable 300 count cotton thread. With
4698-422: The government into a recipient's bank account or as part of their wages. The Inland Revenue was also responsible for the payment of child benefit (from 1999). The Inland Revenue was merged with HM Customs and Excise to form HM Revenue and Customs which came into existence on 18 April 2005. The current name was promoted by the use of the expression "from Revenue and Customs" in a series of annual radio, and to
4785-433: The gradual dismantling of the quotas that existed under the MFA. This process was completed on 1 January 2005. However, large tariffs remain in place on many textile products. Bangladesh was expected to suffer the most from the ending of the MFA, as it was expected to face more competition, particularly from China . However, this was not the case. It turns out that even in the face of other economic giants, Bangladesh's labor
4872-603: The higher rate of production generated an increased demand for spun cotton. In 1761, the Duke of Bridgewater's canal connected Manchester to the coal fields of Worsley and in 1762, Matthew Boulton opened the Soho Foundry engineering works in Handsworth , Birmingham . His partnership with Scottish engineer James Watt resulted, in 1775, in the commercial production of the more efficient Watt steam engine which used
4959-443: The hiring process of female textile workers, employers preferred “hiring women who were young and unmarried: most machine operatives were between the ages of 16 and 25”. This also affected the wage of female textile workers, since it was considered that a women’s wage in the textile industry was one to supplement the family, there was a “belief that women did not merit or require wages as high as those of men”. Major changes came to
5046-594: The idea allowed the concept to be exploited by others. As a result, there were more than 20,000 spinning jennies in use by the time of his death. Also in 1764, Thorp Mill, the first water-powered cotton mill in the world was constructed at Royton , Lancashire, and was used for carding cotton. With the spinning and weaving process now mechanized, cotton mills cropped up all over the North West of England. The stocking frame invented in 1589 for silk became viable when in 1759, Jedediah Strutt introduced an attachment for
5133-557: The import of raw materials and export of finished cloth. Firstly, the use of water power to drive mills was supplemented by steam driven water pumps, and then superseded completely by the steam engines . For example, Samuel Greg joined his uncle's firm of textile merchants, and, on taking over the company in 1782, he sought out a site to establish a mill. Quarry Bank Mill was built on the River Bollin at Styal in Cheshire . It
5220-760: The largest market for fibre products, with industrial and home furnishings together representing a larger proportion of the fibre market. Industry integration and global manufacturing led to many small firms closing for good during the 1970s and 1980s in the United States; during those decades, 95% of the looms in North Carolina, South Carolina and Georgia shut down, and Alabama and Virginia also saw many factories close. The largest exporters of textiles in 2013 were China ($ 274 billion), India ($ 40 billion), Italy ($ 36 billion), Germany ($ 35 billion), Bangladesh ($ 28 billion) and Pakistan ($ 27 Billion). The textile industry in India traditionally, after agriculture,
5307-630: The largest publicly traded companies in Turkey . Vestel manufactured colour televisions, Betamax video recorders , air conditioning units, audio equipment, microwave ovens and washing machines . PPI's success in the electronics business was substantially enhanced in early 1986 when Akai of Japan decided to join Ferguson, Salora, and GoldStar as licensors to Vestel. Subsequently, PPI also acquired housewares manufacturer Russell Hobbs . By 1989 Polly Peck had become an international player by acquiring
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#17327804337355394-488: The manufacturing of cloth in Northern Europe dates back to Neolithic times. During the late medieval period, cotton began to be imported into Northern Europe . Without any knowledge of what it came from, other than that it was a plant , noting its similarities to wool, people in the region could only imagine that cotton must be produced by plant-borne sheep. John Mandeville , writing in 1350, stated as fact
5481-406: The most important textile. This set the foundations for the changes. The textile sector accounts for 54% of Pakistan 's export earnings. The industry's contribution in the nation's exports account for 8.5% of the total GDP. Textile exports stood at $ 4.4 billion in 2017–18. The industry employs a large section of the labour force in the country. Pakistan is the 4th largest producer of cotton with
5568-475: The now-preposterous belief: "There grew in India a wonderful tree which bore tiny lambs on the edges of its branches. These branches were so pliable that they bent down to allow the lambs to feed when they are hungry." This aspect is retained in the name for cotton in many European languages, such as German Baumwolle , which translates as "tree wool". By the end of the 16th century, cotton was cultivated throughout
5655-710: The political decisions taken. Of particular relevance are the debates in Parliament in their imposition. The Permanent Secretary to the Treasury has the main advisory, policy informative role to play in the enabling of the department's functions, in liaison with board chairman who bore overall responsibility along with the rest of the board for the operational carrying out of the Inland Revenue's functions. As sub-departments (typically, Offices, Boards and Bureaus) have issued their own taxes or expanded their remit, they too have seen Comptrollers General and Chairmen. An example
5742-622: The regulators found that some of Polly Peck's assets had been secretly registered in Mr Nadir's name. These were all in Northern Cyprus and had a net book value of £25.5 million in 1989. In addition the Didima Hotel development in Northern Cyprus, valued at £15.5 milliom, and £6.7 million worth of other buildings, had no registered owner. Nadir said he was holding the assets "on trust" for Polly Peck businesses. On 20 September 1990,
5829-700: The revenues of stamps and taxes. The Board of Taxes and the Board of Stamps were formally combined under the Land Tax Act 1834 to form the Board of Stamps and Taxes . The Board of Inland Revenue was created under the Inland Revenue Board Act 1849 , after the Board of Excise and the Board of Stamps and Taxes were amalgamated. Responsibility for excise duties was transferred to the Board of Customs and Excise in 1909. In 1995 to help promote self-assessment tax returns , Inland Revenue created
5916-399: The scrapped mules and looms were bought up and reinstated in India. Women began entering the workforce in the 19th century through textile factories, the industrial and garment assembly jobs done during this time “[provided a] point for participation by rural women in the formal economy”. While women began entering the workforce and earning wages for themselves, there was an assumption that
6003-420: The seed (cotton), the stem (bast fibres: flax, hemp, jute), or the leaf (sisal). All of these sources require a number of steps, each of which has a distinct name, before a clean, even staple is produced. All of these fibers, with the exception of silk, are short, only a few centimeters long, and have a rough surface that allows them to adhere to other like staple fibers. There are some indications that weaving
6090-704: The textile industry during the 20th century, with continuing technological innovations in machinery, synthetic fibre, logistics, and globalization of the business. The business model that had dominated the industry for centuries was to change radically. Cotton and wool producers were not the only source for fibres, as chemical companies created new synthetic fibres that had superior qualities for many uses, such as rayon , invented in 1910, and DuPont 's nylon , invented in 1935 as in inexpensive silk substitute, and used for products ranging from women's stockings to tooth brushes and military parachutes. The variety of synthetic fibres used in manufacturing fibre grew steadily throughout
6177-446: The textile industry, textile engineering is an area of engineering that involves the design, production, and distribution of textile products through processes including cultivation, harvesting, spinning, weaving, and finishing of raw materials, encompassing both natural and synthetic fibers. Artificial fibres can be made by extruding a polymer , through a spinneret (polymers) into a medium where it hardens. Wet spinning (rayon) uses
6264-485: The third largest spinning capacity in Asia. It contributes 5% to the global spinning capacity. At present, there are 1,221 ginning units, 442 spinning units and 124 large spinning units in addition to 425 small units which produce textiles. Pakistan is the third largest consumer of cotton. Exports of $ 3.5 billion were recorded in 2017–18 (6.5% of the total exported cotton on the world). In 1950, textile manufacturing emerged as
6351-549: The total sum was stated at approximately £2.5 to £3 million. Ultimately the company collapsed, and charges were brought against Asil Nadir for 70 charges of false accounting and the theft, which he denied. In 1991, Polly Peck Group transferred all of its Vestel Electronics shares to one of its subsidiaries, Collar Holding BV, which was based in the Netherlands. Following the collapse of the Polly Peck Group, PPI
6438-407: The village with their trains of packhorses . Some of the cloth was made into clothes for people living in the same area, and a large amount of cloth was exported. River navigations were constructed, and some contour-following canals . In the early 18th century, artisans were inventing ways to become more productive. Silk , wool, fustian , and linen were being eclipsed by cotton, which was becoming
6525-591: The warmer regions of Asia and the Americas. The main steps in the production of cloth are producing the fibre, preparing it, converting it to yarn, converting yarn to cloth, and then finishing the cloth. The cloth is then taken to the manufacturer of garments. The preparation of the fibres differs the most, depending on the fibre used. Flax requires retting and dressing, while wool requires carding and washing. The spinning and weaving processes are very similar between fibers, however. Spinning evolved from twisting
6612-486: Was able to conceal his actions until such time as the cumulative cash outflow became so great that the group was unable to meet its obligations to its bankers." In 1990, Polly Peck's board became so worried about the money transferred into Northern Cyprus that it confronted Mr Nadir and asked him to return it. He refused. The accounting regulators found that the Inland Revenue had been investigating transactions by
6699-464: Was about £146 million. He was sentenced to ten years imprisonment. Textile industry The textile industry is primarily concerned with the design, production and distribution of textiles : yarn , cloth and clothing . Cotton is the world's most important natural fibre. In the year 2007, the global yield was 25 million tons from 35 million hectares cultivated in more than 50 countries. There are five stages of cotton manufacturing: In
6786-672: Was already known in the Palaeolithic . An indistinct textile impression has been found at Pavlov , Moravia. Neolithic textiles were found in pile dwellings excavations in Switzerland and at El Fayum, Egypt at a site which dates to about 5000 BC . In Roman times, wool, linen and leather clothed the European population, and silk, imported along the Silk Road from China, was an extravagant luxury. The use of flax fiber in
6873-577: Was convicted of laundering £400,000 stolen from Polly Peck and sentenced to five years. Ten months later, she too was freed by the Appeal Court. A government minister, Michael Mates , resigned in 1993 following persistent press coverage of his close links to Asil Nadir which had led to Mates writing to the attorney general questioning the handling of the investigation by the Serious Fraud Office. Asil Nadir has persistently claimed that
6960-488: Was forecast to produce a minimum of £2.1 million profit. Voyager Kibris Ltd was used to purchase the Sheraton Voyager Hotel in Turkey and to build resort hotels in Northern Cyprus. In September 1982 Nadir acquired a major stake of 57% in a textile trader, Cornell, whose shares were considered penny shares . Cornell rose from 26p to over 100p as soon as Nadir's interest was confirmed. Nadir had Cornell sell
7047-722: Was granted at the High Court in London to the London branch of the National Bank of Canada . The directors of Polly Peck met at their London HQ and undertook a course of action leading to voluntary administration. A considerable number of antiques were located at the HQ offices of the company in Berkeley Square, London. The book value attributed to these was around £6 million, but upon later inspection and independent valuation
7134-436: Was initially powered by a water wheel , but installed steam engines in 1810. Quarry Bank Mill in Cheshire still exists as a well-preserved museum, having been in use from its construction in 1784 until 1959. It also illustrates how the mill owners exploited child labour, taking orphans from nearby Manchester to work the cotton. It shows that these children were housed, clothed, fed and provided with some education. In 1830,
7221-408: Was made to surrender his passport. His trial started on 23 January 2012, on 13 specimen charges of theft and false accounting. On 22 August 2012 Asil Nadir was found guilty on ten counts of theft of nearly £29 million from Polly Peck. The jury found him not guilty on three counts. The jury had been advised at the start of the trial that the 13 were specimen charges and the overall amount allegedly stolen
7308-413: Was one of Britain's top one hundred quoted companies. Polly Peck and its subsidiaries were the largest employer in northern Cyprus (after the state) with 7,500 employees there. In August 1990 Nadir came to the view that the company was undervalued and then announced that he was taking it private. Almost as suddenly later that month he announced that he had changed his mind. An independent investigation by
7395-423: Was pegged at US$ 55 billion, 64% of which services domestic demand. In 2010, there were 2,500 textile weaving factories and 4,135 textile finishing factories in all of India. According to AT Kearney 's 'Retail Apparel Index', India was ranked as the fourth most promising market for apparel retailers in 2009. India is first in global jute production and shares 63% of the global textile and garment market. India
7482-402: Was placed in administration. In November 1994, Ahmet Nazif Zorlu acquired PPI from the administrator by buying the entire share capital of Collar Holding BV, which at the time held 82% of the Polly Peck's issued share capital. Nadir left the UK just after his £3.5 million bail had lapsed, while the detectives who were watching him were off duty to save overtime pay on a bank holiday . He left on
7569-587: Was reported that Asil Nadir intended to seek bail to return to the United Kingdom to face the 66 counts of theft. Over the years his business interests have shrunk. His hotels were sold to pay off tax debts in 1994, his bank Endustri was taken over by the Central Bank of Northern Cyprus in 2009, and Kibris newspaper, a TV and radio station are all that remains of his known empire. On 29 July 2010 Asil Nadir began legal proceedings to be granted bail in
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