Following is a letter sent to the Editor of the New York Times:
To the Editor:
Re “Longtime Partner at Hollinger Testifies He and Black Conspired to Divert Millions” by Richard Siklos (column, May 9):
What we still have not seen is a thorough review of the activities of the three members of the Hollinger Audit Committee. They behaved like buddies rather than the way that they should have, which is as the final bastion of control on behalf of the whole board and on behalf of the shareholders.
Taking your friend´s word for it, even if he is a Lord, hardly measures up as rigorous governance. I am surprised that these members have not received more focus from shareholders and from class action lawyers.
Shareholders who have these individuals on their boards need to be very, very concerned!
Onésimo Alvarez-Moro
See article:
Conrad M. Black’s longtime business partner, F. David Radler, testified Tuesday at Mr. Black’s criminal fraud trial that the two men conspired to divert millions of dollars of payments for assets of the newspaper company Hollinger International.
Federal prosecutors say that the diversions, which went to a Canadian company controlled by Mr. Black, defrauded shareholders of Hollinger International, which is based in Chicago, out of more than $60 million.
Mr. Radler, who has pleaded guilty to a single fraud count and is testifying as a crucial prosecution witness, said that he kept both Hollinger International’s audit committee and its board in the dark about the distribution of so-called noncompete payments, collected as part of the sale of Hollinger International newspapers.
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