Hollinger executives 'took $400m' - GoFuckYourself.com

DVTimes · 08-31-2004, 10:04 AM

Media group Hollinger International has said former senior executives, led by ex-chief Conrad Black, took $400m (£223m) of the company's money.
Unveiling the findings of an internal investigation, Hollinger said the sum accounted for 95.2% of its adjusted net income between 1997 and 2003.

It said Lord Black and others "made it their business to line their pockets in almost every way they could devise".

Lord Black's firm, Hollinger Inc, did not respond when contacted by the BBC.

Legal tussle

The Hollinger investigation focused on unauthorised payments allegedly received by Lord Black and other executives.

Lord Black was forced to quit as Hollinger chief in November 2003 after the firm carried out an initial inquiry.

In May this year, Hollinger filed a lawsuit against Lord Black and his associates which claimed that they had paid themselves large sums without approval, and treated the company "as a cash cow to be milked".

Lord Black has strongly denied the allegations detailed in the Hollinger lawsuit, and has countersued the company.

In the latest 513-page document filed to the US financial regulator, the Securities & Exchange Commission, Hollinger International said it had been "systematically manipulated and used by its controlling shareholders for their sole benefit, and in a manner that violated every concept of fiduciary duty".

It described the withdrawal of funds from the company as "aggressive looting" and "a corporate kleptocracy" designed to fund the personal lifestyle of Lord Black and his wife, Barbara Amiel Black.

Hollinger International owns a string of newspapers worldwide, including the Chicago Sun Times and the Jerusalem Post.

Last month, it sold its flagship publications, the UK-based Daily and Sunday Telegraph titles and the Spectator magazine, to billionaire financiers the Barclay brothers.

http://news.bbc.co.uk/1/hi/business/3614690.stm

JFK · 08-31-2004, 10:09 AM

Lord Black is in the shit house over this me thinks

the Shemp · 08-31-2004, 10:22 AM

damn canadians..

08-31-2004, 10:04 AM	#1
DVTimes xxx Industry Role: Join Date: Jun 2003 Location: UK Posts: 31,547	Hollinger executives 'took $400m' Media group Hollinger International has said former senior executives, led by ex-chief Conrad Black, took $400m (£223m) of the company's money. Unveiling the findings of an internal investigation, Hollinger said the sum accounted for 95.2% of its adjusted net income between 1997 and 2003. It said Lord Black and others "made it their business to line their pockets in almost every way they could devise". Lord Black's firm, Hollinger Inc, did not respond when contacted by the BBC. Legal tussle The Hollinger investigation focused on unauthorised payments allegedly received by Lord Black and other executives. Lord Black was forced to quit as Hollinger chief in November 2003 after the firm carried out an initial inquiry. In May this year, Hollinger filed a lawsuit against Lord Black and his associates which claimed that they had paid themselves large sums without approval, and treated the company "as a cash cow to be milked". Lord Black has strongly denied the allegations detailed in the Hollinger lawsuit, and has countersued the company. In the latest 513-page document filed to the US financial regulator, the Securities & Exchange Commission, Hollinger International said it had been "systematically manipulated and used by its controlling shareholders for their sole benefit, and in a manner that violated every concept of fiduciary duty". It described the withdrawal of funds from the company as "aggressive looting" and "a corporate kleptocracy" designed to fund the personal lifestyle of Lord Black and his wife, Barbara Amiel Black. Hollinger International owns a string of newspapers worldwide, including the Chicago Sun Times and the Jerusalem Post. Last month, it sold its flagship publications, the UK-based Daily and Sunday Telegraph titles and the Spectator magazine, to billionaire financiers the Barclay brothers. http://news.bbc.co.uk/1/hi/business/3614690.stm __________________ The Affiliate Program

08-31-2004, 10:09 AM	#2
JFK FUBAR the ORIGINATOR Industry Role: Join Date: Jan 2002 Location: FUBARLAND Posts: 67,374	Lord Black is in the shit house over this me thinks __________________ FUBAR Webmasters - The FUBAR Times - FUBAR Webmasters Mobile - FUBARTV.XXX For promo opps contact jfk at fubarwebmasters dot com

08-31-2004, 10:22 AM	#3
the Shemp congrats to the winners Industry Role: Join Date: Nov 2001 Location: Echo Beach Posts: 10,891	damn canadians.. __________________ i use Vacares...so should you Submit your picture galleries to my site...Outlaw TGP