Black Bailed for $20 Million

05 December 2005

Disgraced British peer Lord Conrad Black (61), former owner of the UK's Telegraph Group and the Chicago Sun-Times, was released on bail Friday by a US federal court following his arraignment on multiple fraud charges.

The price of His Lordship's pre-trial freedom was $20 million (€17.1m; £11.56m). Together with three former associates, Black will face eleven counts of fraud concerning alleged diversion of company funds and excessive corporate expenses during his rule over US-incorporated Hollinger International.

Having waived his right to contest extradition proceedings from Canada or the UK, Black returned to his Canadian home after the hearing. His travel is now restricted to journeys across the Canadian-US border, and he will appear again in court on December 16.

David Radler, Black's former bosom confidant, was released in September on bail of $500,000 after pleading guilty to related fraud charges. Radler has reportedly turned state's evidence.

Data sourced from Financial Times Online; additional content by WARC staff