The accounting regulators found that the Inland Revenue had been investigating transactions by 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 Cypriot residents". The auditors described this arrangement as "extremely unwise transactions". On top of these massive money transfers and "unwise transactions", 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 £25.5m in 1989. In addition the Didima Hotel development in Northern Cyprus, valued at £15.5m, and £6.7m worth of other buildings, had no registered owner. Nadir said he was holding the assets "on trust" for Polly Peck businesses.