Close X
Friday, November 29, 2024
ADVT 
National

Ontario regulator allows Conrad Black to testify on activities at Hollinger

Darpan News Desk The Canadian Press, 08 Oct, 2014 10:49 AM

    TORONTO - Conrad Black will be allowed the right to speak in his own defence before Canada's largest provincial securities commission.

    The Ontario Securities Commission will also allow testimony from two witnesses proposed by the former media mogul, including his former secretary.

    But the OSC cautions that it doesn't want to revisit issues that have already been through the U.S. legal system.

    The OSC alleges that Black was involved in a "scheme" with other directors and officers of Hollinger Inc. and Hollinger International to use non-competition payments to line their pockets with funds that should have gone to the companies.

    On Monday, a lawyer for Black argued that the former newspaper baron should be allowed to testify before the quasi-judicial OSC because he poses no threat to capital markets and therefore shouldn't be banned by the Ontario Securities Commission from trading securities or becoming a director of public companies.

    His lawyer also wanted to call several other witnesses, including Black's former secretary as well as directors and lawyers of the former Hollinger.

    If Black loses his case before the OSC, he could face monetary and non-monetary penalties and be forced to repay the expenses of the OSC hearings.

    Black had sought to have the proceedings dismissed and argued that a temporary order, which has been in place for years, already bars him from being a registrant or a director or officer of a reporting issuer in Ontario.

    The temporary order will continue to be in effect until Black makes a request to have it lifted, or the commission decides to remove the restrictions.

    The OSC case against Black began in 2005, but was adjourned while he faced criminal charges in the United States.

    Of the many charges levelled against him by the U.S. Justice Department, Black was eventually only convicted of one count of fraud and one count of obstruction of justice.

    He served 37 months of a 42-month sentence in a Florida prison, and was fined US$125,000.

    The OSC hearings also include allegations against John Boultbee, a Hollinger executive was found guilty of three counts of fraud by a U.S. jury in 2007.

    Boultbee had argued that his case should be heard separately from Black's hearing because he can't afford the expenses of travelling from British Columbia to be involved in a hearing that is mainly focused on Black. The hearing panel denied Boultbee's request on Wednesday.

    The OSC and Black's former business partners, David Radler and Peter Atkinson, reached separate plea agreements with the regulator in 2012 and 2013. Ahead of Black's trial, Radler had pleaded guilty to one count of mail fraud at U.S District Court, and was sentenced to 29 months in jail and ordered to pay a fine of $250,000. He also had to testify against his former colleagues.

    MORE National ARTICLES

    Magnotta jury hears police don't know how, when or why he and Jun Lin first met

    Magnotta jury hears police don't know how, when or why he and Jun Lin first met
    MONTREAL - The jury in Luka Rocco Magnotta's first-degree murder trial has been told that police were not able to establish how, when or why the accused first met his future victim, Jun Lin.

    Magnotta jury hears police don't know how, when or why he and Jun Lin first met

    Experts starting to admit it may take vaccine to stop Ebola in West Africa

    Experts starting to admit it may take vaccine to stop Ebola in West Africa
    TORONTO - As West Africa's Ebola outbreak continues to rage, some experts are coming to the conclusion that it may take large amounts of vaccines and maybe even drugs — all still experimental and in short supply — to bring the outbreak under control.

    Experts starting to admit it may take vaccine to stop Ebola in West Africa

    Anticipated LNG tax expected to dominate debate at BC legislature

    Anticipated LNG tax expected to dominate debate at BC legislature
    VICTORIA - Liquefied natural gas is poised to get top billing during the British Columbia fall legislative session, but the Opposition and environmental groups have plans to shift the focus.

    Anticipated LNG tax expected to dominate debate at BC legislature

    Vancouver mayor makes pipeline fight a key plank of re-election campaign

    Vancouver mayor makes pipeline fight a key plank of re-election campaign
    VANCOUVER - The mayor of British Columbia's most populous city is making his fight against Kinder Morgan's oil pipeline expansion a key plank of his re-election campaign.

    Vancouver mayor makes pipeline fight a key plank of re-election campaign

    71-year-old Vancouver man dies after being hit by cyclist in Stanley Park

    71-year-old Vancouver man dies after being hit by cyclist in Stanley Park
    Police say the man was crossing a street Friday afternoon when he was struck and is believed to have suffered a serious head injur

    71-year-old Vancouver man dies after being hit by cyclist in Stanley Park

    Vancouver police refer complaint about Metis groups to federal government

    Vancouver police refer complaint about Metis groups to federal government
    OTTAWA - A complaint about the Metis National Council and one of its provincial affiliates has been handed to the federal government.

    Vancouver police refer complaint about Metis groups to federal government