Conrad Black, the former CEO and chairman of Hollinger International, was indicted yesterday on eight charges of criminal fraud.

Three other former executives, Mark Kipnis, Jack Boultbee, and Peter Atkinson, were also listed in the 11-count indictment by Patrick Fitzgerald, the US attorney in Chicago.

It is alleged that Lord Black orchestrated a $32m (£19m) fraud at the company, and that with the three other executives he siphoned off $51.8m from the sale of company assets worth $2.1bn in 2000.

Lord Black's former right-hand man, David Radler, has already admitted one charge of mail fraud and agreed to testify against the others.

Black, the former owner of a media empire which included the Daily Telegraph, faces a maximum of five years in prison and a $250,000 fine on each charge if found guilty.

KPMG was the auditor of the firm at the time the offences were alleged to have occurred, and continues to work for the firm. Ernst & Young was appointed as inspector by the court and has been examining the accounts of Hollinger and its parent company in Canada as part of the investigation since September 2004.

Black resigned from Hollinger in November 2003 and denies the charges