As it opened its case, the prosecution claimed that Asil Nadir siphoned off the money from Polly Peck International to fund a lavish lifestyle and used Jersey accounts to hide the money.
Mr Nadir found himself in the dock 19 years after he fled the UK while awaiting trial in 1993 and settled in Northern Cyprus. He returned to the UK in 2010 and was arrested.
The 70-year-old, of Mayfair, central London, denies 13 counts relating to theft from his former Polly Peck business empire between 1987 and 1990. The case is expected to last at least four months.
