Hollinger International
Hollinger International was a publishing company who owned The Telegraph,The Spectator, The Chicago Sun-Times and The Jerusalem Post until 2004[1]. The company changed its name to The Sun-Times Media Group after a financial scandal involving former directors Conrad Black and David Radler[2].
Conrad Black Controversy
According to a Report by the Hollinger board the company was "systematically manipulated and used by its controlling shareholders for their sole benefit". Key shareholders Conrad Black and David Radler transferred to themselves and their affiliates more than $400 million in a seven year period[3]. Black was given a six and a half year sentence for fraud and obstruction of justice for his part in the affair[4].
The investigation began when in March 2003 a Hollinger annual report disclosed details of "non-competition" payments - in one case of $53m to a company owned by Conrad Black. Eight months later, David Radler resigned with an agreement to pay back unauthorised fees of $7.2m. On the same day, Conrad Black quit as chief executive. Non-competition payments are usually paid to business sellers so that they don't re-enter the market straight away. These transactions were allegedly paid to individuals, instead of to Hollinger[5].
Conrad Black was jailed for 78 months for his part in the fraud. Other directors also given prison sentences were David Radler 10 months, John Boultbee 27 months and Peter Atkinson 24 months[6]
Board of Directors
Conrad Black | David Radler | Henry Kissinger | James R. Thomson | Richard Perle [7]| Alfred Taubman | Robert Strauss | Marie-Josee Kravis | Dwayne Andreas | Barbara Amiel Black | Peter Atkinson | Daniel Colson [8]
Resources
Neocon Europe Hollinger International
Notes
- ↑ Abigail Rayner, Hollinger International to hit Lord Black with fresh legal claims, The Times, 04-May-2004, Accessed 08-May-2009
- ↑ Geraldine Fabrikant, News Tycoon Stole Millions, U.S. Charges, New York Times, 18-November-2005, Accessed 16-May-2009
- ↑ Richard Breeden,Special Committee of the board of directors, Hollinger International, 30-August-2004, Accessed 09-May-2009
- ↑ Andrew Clark, Conrad Black Jailed, The Guardian, 3-March-2008, Accessed 09-May-2009
- ↑ David Teather, Conrad Black's right-hand man pleads guilty to $32m fraud, The Guardian, 21-September-2005, Accessed 26-May-2009
- ↑ CBS News, Conrad Black sentenced to 78 months in jail, CBS News, 10-December-2007, Accessed 26-May-2009
- ↑ Jim Kirk, Probe details Hollinger 'looting', The Chicago Tribune, 01-September-2004, Accessed 09-May-2009
- ↑ Eric Herman, Shareholder lawsuit names Hollinger International directors, Chicago Sun-Times, 3-January-2004, Accessed 14-May-2009
