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The move, which Black signalled was coming last week, clears the way for a proposed buyout of minority shareholders by Ravelston Corp., a private company he controls.
- FROM OCT. 28, 2004: Conrad Black to resign as Hollinger Inc. CEO and chairman: lawyer
Black and some associates are at the centre of a controversy and stand accused of looting millions of dollars from Hollinger International, the Chicago-based newspaper company that Hollinger Inc controls.
Conrad Black (CP file photo)
Hollinger International owns the Chicago Sun-Times and in June agreed to sell the London Daily Telegraph to British financiers for about $1.8 billion.
Black resigned as Hollinger International's CEO late last year after the accusations of improper payments were first raised. Hollinger International's board later ousted him as chairman.
Hollinger International is now run by independent directors and has sued Black, Hollinger Inc. and several other associated companies and individuals for more than $500 million US.
Black strenuously denies misappropriating money and has countersued.
He has, however, acknowledged there were errors in financial reporting, which he blamed on subordinates.
The embattled media baron announced last Thursday that his personal holding company Ravelston Corp. planned to buy out minority shareholders and take Hollinger Inc. private.
Shares in Hollinger Inc. (TSX:HLG.C)added another 10 cents, rising to close at $6.35 Tuesday. They had soared on Friday following the buyout news, rising $1.54 to close at $5.85 on the TSX.
Black's resignation would allow Hollinger's board to examine Black's offer without any conflict of interest, his lawyer said last week.
Tuesday's announcement came ahead of an Ontario Superior Court hearing on an application by Catalyst Fund General Partner I Inc., a recent investor in Hollinger Inc., seeking to have Black removed as chairman and CEO.
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