Inquiry accuses Black of $400m Hollinger 'theft', berates Perle

[emad]

Times snip
From Abigail Rayner in New York



LORD BLACK of Crossharbour and David Radler, his close business associate, were yesterday accused of stealing $400 million (£220 million) from Hollinger International, the former publisher of the Telegraph newspaper titles. In a damning report into wrongdoing at the company, Richard Breeden, former chairman of the US Securities and Exchange Commission, claims that Hollinger International was “wilfully and deliberately looted by its controlling shareholders”. Lord Black and Mr Radler, former chief operating officer at Hollinger International, were among the controlling shareholders.

The report also berates independent directors, including Richard Perle, President Reagan’s former Assistant Secretary of Defence, for failing to detect gross abuse of company funds. It says that Mr Perle received more than $3 million in bonuses in a special venture capital scheme, as reported by The Times earlier this year. He never declared his takings — a move that is in breach of SEC director disclosure rules.

The 400-page report, filed in the US District Court in Illinois, was commissioned by new management at Hollinger International 14 months ago. It was triggered by questions raised by Tweedy, Browne, a major investor, over various payments made to Lord Black.

The report lists various personal expenses of Lord Black and Barbara Amiel, his wife, charged to the firm, including $2,463 on handbags, $2,785 on opera tickets and $42,870 towards the cost of Ms Amiel’s birthday dinner party.
More:
http://business.timesonline.co.uk/article/0,,8209-1241347,00.html

[ewagner]

1. What about this?

Mr Perle received more than $3 million in bonuses in a special venture capital scheme, as reported by The Times earlier this year.

Does this mean indictments are coming?

[Moderator]

2. Duplicate

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=102&topic_id=791890