James Moore: Mr Nadir is going to have the last laugh

Outlook Asil's back and guess what: the Serious Fraud Office has been presented with its worst nightmare. All those concerned with the collapse of Polly Peck had to say that they wanted Mr Nadir to face trial. But in reality, as time has gone on, it has suited just about everyone for him to remain in his bolt hole in North Cyprus.

It doesn't look like the case against the former Polly Peck chief – who has arrived amid a massive fanfare – will even get close to a courtroom before 2012. His lawyer's already arguing for the whole thing to be called off.

With the events in question occurring 17 years ago, those witnesses still around will be hard pressed to remember what went on with any accuracy. Finding a jury who will sit through more than a year of testimony and still have any chance of understanding it all, let alone convicting beyond reasonable doubt, looks all but impossible. No wonder Mr Nadir's smiling. It's a racing certainty that he'll have the last laugh.