Ontario regulator takes on Conrad Black case
TORONTO - Another chapter in the Conrad Black story begins today in Toronto.
Canadian authorities are scheduled to begin proceedings against the former media tycoon, who has already spent time in a Florida jail following U.S. convictions on related matters, which occurred more than a decade ago.
The Canadian legal proceeding is being handled by the Ontario Securities Commission, which has shared jurisdiction over the Hollinger newspaper business that Black once controlled.
The OSC alleges directors and officers of Hollinger Inc. and Hollinger International â€” including Black â€” engaged in "a scheme" to line their pockets with company proceeds through a complicated system of "non-competition'" payments
A source close to the well-known businessman and author â€” who has been the subject of a television movie and numerous books â€” says Black isn't expected to attend today's hearing.
A U.S. court recently gave final approval for a settlement between the U.S. Securities Commission and Black, who agreed to pay US$4.1 million in restitution and abide by limitations on his business activities.