BusinessCompany NewsBlack wanted newspaper’s cash in personal bank account

Black wanted newspaper's cash in personal bank account

'It just didn’t' seem like the right thing to do' says executive in charge of Conrad Black's community newspapers

The publisher of one of Conrad Black‘s
media divisions has told a US jury of a bizarre request to pay monies for the
sale of a newspaper into the tycoon’s personal bank account.

Michael
Reed
, former chief executive of Community Newspaper Holdings, told a Chicago
court that Lord Black made the request when he struck deals in 1998 and 2000 to
buy small papers in states such as Oklahoma, West Virginia and Maryland for
$548m.

Black asked Reed in a hand-written note to pay the $4.5m into his personal
account hours after a second deal had closed. The note was penned on instruction
by lawyer Mark Kipnis of the peer’s media empire,
Hollinger.

Parts of the money were also to be diverted to the accounts of Black’s
colleagues, David Radler, Jack Boultbee and Peter Atkinson.

‘It just didn’t’ seem like the right thing to do,’ said Reed.

Reed refused to wire the money and instead insisted on paying it all into
Hollinger’s account.

Further reading:

KPMG consultants under fire in Black case

Conrad Black told to explain finances

Conrad Black faces more charges

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