OCTAV Botnar, the former Nissan car tycoon who fled to Switzerland in 1991 to escape an arrest warrant, has concluded a deal with the Inland Revenue. Reports say Botnar has paid £50 million to the Revenue in full and final payment of a disputed £250 million corporation tax bill arising from his business importing Nissan cars to the UK.

The Inland Revenue issued a statement on Monday which said: 'The dispute between the Inland Revenue and Nissan UK has been resolved and all civil proceedings between the parties have been discontinued.' The spokesman added that the arrest warrant for Botnar was still outstanding.