‘Hollinger audit committee had no finance experts’

Testifying at the trial of former Hollinger chairman Conrad Black, a former member of the company’s audit committee has testified that it kept watch over company finances for four years without any financial experts.

Economist Marie-Josee Kravis, sat on the committee during the time that Black allegedly helped steal $60m (£30m) from the company.

She said that no one on the audit committee between May 1999 and May 2003 had the financial experience required by its governing charter.

Kravis, was the second audit committee member to testify at the trial of Black and three co-defendants in the Chicago federal court.

The case is now in its seventh week. Black, 62, is charged with fraud and racketeering.

Further reading:

Hollinger auditor faces the heat

Black trial resumes with focus on audit committee

Accountant says Black hid payments from SEC