Former fugitive business tycoon Asil Nadir, convicted of stealing nearly £29 million, claimed to be penniless.
Nadir, 71, was jailed for 10 years a month ago after being found guilty of 10 charges of theft amounting to £28.8 million from his Polly Peck business empire in the late 1980s.
He returned to the Old Bailey to face a compensation hearing where he said he had no assets but Philip Shears QC, prosecuting, called his claims a "sham" and claims that he was reliant on the generosity of friends and family as "an affront to common sense".
Trial judge Mr Justice Holroyde will decide if there are any assets to provide compensation to the administrators of Polly Peck International and will try to recover the costs of the prosecution and legal aid for the trial.
The top performing Stock Exchange company collapsed in 1990 owing £550 million.