TORONTO – Former media baron Conrad Black, along with two other executives at Hollinger Inc., have been scheduled to appear before the Ontario Securities Commission over fraud allegations that have spanned more than eight years.
Black, John Boultbee and Peter Atkinson are accused participating in a scheme that improperly diverted proceeds from the now defunct media holding company to themselves through “non-competition” payments. It’s also alleged that the men did not have approval for these payments, and had made misrepresentations about them to the public.
The OSC will hold a hearing into the allegations on Aug. 16.
If found guilty, the OSC will determine what kind of reprimands to pursue against the accused, including imposing a permanent ban on acting as an officer or director of a public company in Ontario or trading or acquiring any securities.
The charges against the men were initially filed in March 2005, but were put on hold due to legal proceedings in the U.S. that have since been resolved.
In November 2012, the OSC withdrew charges against Black’s former business partner, David Radler, as part of a plea agreement that led to him being barred from heading a public company in Ontario.