Last Thursday, the US Securities and Exchange Commission barred Conrad Black from holding a position in a US company. Black, a former press baron, was barred to assume directorship and was ordered to pay USD4.1 million in restitution. This was mandated through a settlement that ended the long-standing case filed against Black's dealings as the head of the Hollinger media empire.
During its zenith, Hollinger International operated a raft of publications including the Chicago Sun-Times, Britain's Daily Telegraph, the National Post and the Jerusalem Post in Canada. Conrad Black gave up his Canadian citizenship after taking a seat in Britain's House of Lords.
SEC's final judgment followed after Black appealed on October 2012 where he was ordered to pay USD6.1 million. After more than a year of serving his sentence for fraud and obstruction of justice in prison, Black was released.
The USD4.1 million will be paid to Chicago Newspaper Liquidation Corp. The latter was a successor of the Hollinger empire in the United States.
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