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Panel Says Hollinger Owners Took Over $400 Million
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| Parent(s) |
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| Contributor | RP |
| Last Edited | RP Sep 01, 2004 06:59pm |
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| Category | Analysis |
| Media | Newspaper - New York Times |
| News Date | Tuesday, August 31, 2004 06:00:00 AM UTC0:0 |
| Description | In a filing with the U.S. Securities and Exchange Commission, a special committee of Hollinger's board described a ``corporate kleptocracy'' at the top of the company that publishes the Chicago Sun-Times.
``Hollinger was a company where abusive practices were inextricably linked to every major development or action,'' the report said.
The special committee also said that director Richard Perle, a former Pentagon adviser who was a member of the board's executive committee, ``repeatedly'' signed off on transactions that were beneath the radar of the audit committee.
The panel said Perle, who remains on the board, should be required to repay the more than $3 million in bonuses.
Perle could not be immediately reached for comment. |
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