Tycoon Black refuses to testify (Conrad Black-Hollinger)

Tycoon Black refuses to testify

Telegraph press baron opts for fifth amendment at US watchdog's inquiry into his financial affairs

David Teather in New York
Tuesday December 23, 2003
The Guardian

Conrad Black, the media tycoon behind the Daily Telegraph, yesterday refused to testify before the chief financial watchdog in the US, which is conducting an investigation into his financial affairs.

Lord Black was asked to appear in front of the Securities and Exchange Commission to answer questions over millions of dollars in payments to him and other directors that were not approved by his company's board.

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The scandal is an ignominious fall for a man who coveted respectability. He gave up his Canadian citizenship to become Lord Black of Crossharbour and appointed the great and the good to his board including Henry Kissinger and US government adviser Richard Perle .

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The holding company for the newspaper empire, the separately listed Hollinger Inc, is struggling with debts. Lord Black is seeking outside investment for Hollinger International, which also includes the Jerusalem Post and the Chicago Sun-Times and could be forced to sell the Telegraph titles.

http://media.guardian.co.uk/presspublishing/story/0,7495,1112126,00.html