Aug 31, 04

WASHINGTON (AFP) - Media tycoon Conrad Black and his allies looted the company he created to manage a global publishing empire of more than 400 million dollars since 1997, a report prepared for US court and regulators showed.

A scathing report submitted to the Securities and Exchange Commission (news - web sites) and a federal court for a lawsuit against Black and his associates painted a bleak picture of Black, who until last year was chief executive of Hollinger International, and the firm's chief operating officer, David Radler.

But the report also blamed high-profile members of the company's board of directors for rubber-stamping Black's efforts and failing to question dubious payments being made.

"This story is about how Hollinger was systematically manipulated and used by its controlling shareholders for their sole benefit, and in a manner that violated every concept of fiduciary duty," said the report prepared by a committee headed by .......

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