Former Polly Peck tycoon Asil Nadir has been found guilty of three counts of theft by a jury at the Old Bailey.
Nadir, 71, had been charged with 13 counts of theft of £34m from Polly Peck International between 1987 and 1990.
The jury is continuing to deliberate over nine further allegations of theft, having been directed by the judge that they can come to a majority decision.
He has also been cleared of one count. Mr Nadir was due to stand trial in 1993 but left for northern Cyprus.
He returned to the UK in 2010 to face the charges against him.