http://news.yahoo.com/news?tmpl=story&cid=509&u=/ap/20040901/ap_on_bi_ge/hollinger&printer=1NEW YORK - Conrad Black, the former CEO of Hollinger International Inc., conspired with associates to systematically loot the newspaper publishing company of more than $400 million — nearly all of its profits from 1997 through 2003, an internal investigation found.
The report, which was filed with the Securities and Exchange Commission (news - web sites) on Tuesday, was prepared by a special committee of Hollinger's board which was formed last year to examine concerns from shareholders about payments made to Black and others.
Black has since been forced out as CEO and chairman of Hollinger International, the parent company of the Chicago Sun-Times and The Jerusalem Post, following initial findings from the committee that he and others improperly received millions in fees and payments that should have gone to the company. He remains the company's controlling shareholder.
The committee's 500-page report makes even more sweeping allegations of wrongdoing, accusing Black and a senior associate, former chief operating officer David Radler, of milking the company to satisfy their "ravenous appetite for cash."
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