The peer and former chairman and chief executive of Hollinger was yesterday indicted on eight charges by Patrick Fitzgerald, the US District Attorney in Chicago, where Black used to own the Chicago Sun-Times. If found guilty he also faces the prospect of paying a $250,000 fine on each charge -- a total of $2m.
Prosecutors last night issued a warrant for Lord Black's arrest, but he has the opportunity to turn himself in. Among the charges is the accusation that Lord Black fraudulently diverted $52m (拢30m) from the sale by Hollinger of one of its holdings in Canada -- CanWest Global Communications. He could also be found guilty of abusing company assets for private purposes, including using the company's jets and apartments in New York.
Three other former Hollinger executives are included in the 11-charge indictment. Lord Black has denied all claims of wrongdoing.
Lord Black is already the subject of several lawsuits in the US and Canada. A report last September commissioned by Hollinger and written by Richard Breeden, a former chairman of the Securities & Exchange Commission, accused Lord Black and his close associates of stealing $400m from Hollinger.
Lord Black was ousted as chief executive of Hollinger International, which owned the Telegraph Group, in November 2003 and stripped of his chairmanship in January 2004.
The Canadian-born media tycoon was elevated to the House of Lords in 2001.
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