'Et Tu Ravelston,' Gasps Lord Black

10 January 2007

CHICAGO: Lord Conrad Black, the Canadian-born deposed media tycoon, this week suffered the ultimate betrayal - a guilty plea to charges of fraud by Ravelston Corporation, the privately-owned company he used as the vehicle for manipulating his multifarious publishing businesses.

Ravelston's court-appointed receiver agreed with US federal prosecutors to pay a $7 million (€5.38m; £3.6m) fine and plead guilty to fraud connected with the sale in 2000 of a group of regional US newspapers.

And to rub salt into an open wound, Ravelston has also agreed to cooperate with prosecutors in their case against Lord Black who is due to stand trial in Chicago as of March 5.

Data sourced from MediaGuardian.co.uk; additional content by WARC staff