Greed of Conrad Black

Disgraced media baron Conrad Black "looted" more than $400 million to fund his lavish lifestyle, a report claims today.

The report, filed in a Chicago court today, details alleged abuses by Black over a seven-year period when he was chief executive.

It says the money was used for items ranging from a $2,463 (£1,300) handbag for Black's wife Barbara Amiel to the $90,000 (£50,000) refurbishment of a Rolls-Royce. A dinner part for Amiel was said to cost $42,000 (£22,000). Funds were also used to obtain a New York flat and private use of an executive jet.

Also paid for out of company funds were bills for Ms Amiel's jogging gear, exercise equipment, food, mobile phones and perfume. Also named in the report is former chief financial officer David Radler. The report's authors describe Hollinger under Black and Radler as "a corporate kleptocracy". The $400million, equivalent to £222 million, amounted to 95 per cent of the net income of Hollinger International.

The report, drawn up by the company's new directors, says: "This story is about how Hollinger was systematically manipulated and used by its controlling shareholders for their sole benefit, and in a manner that violated every concept of fiduciary duty.

"Not once or twice, but on dozens of occasions Hollinger was victimised by its controlling shareholders as they transferred to themselves and their affiliates more than $400 million."

The report adds: "Black and Radler made it their business to line their pockets at the expense of Hollinger almost every day, in almost every way they could devise."

Hollinger is now suing Black, Radler and their associates for the return of funds under US anti-racketeering laws which were created to prosecute gangsters and bootleggers in the 1920s.

The New York-based publisher was forced to sell its crown jewels, including the £665million sale of the Telegraph group to the Barclay brothers this year.

The special report lists in detail the extent of abuse of Hollinger by Black and Amiel, saying that events at the company were partly driven "to satisfy the liquidity needs he had arising from the personal lifestyle Black and his wife had chosen to lead." It adds: "Hollinger was used as a piggy bank for the Blacks, with shareholders paying for large and small expenses."

Hollinger bought a Challenger aircraft for Radler at a cost of $11.6 million (6.4 million) and leased a Gulfstream IV at a cost of between $3 million and $4million (£1.6 million to £2.2 million) a year for the Blacks.

Operating the two aircraft cost the company more than $23million (£12.8 million) between 2000 and 2003.

The jets were used for some corporate business but they were also used to fly the pair to and from their collections of homes without any plausible business connections.

Another highly unusual corporate transaction came when the Blacks swapped their Park Avenue apartment with Hollinger's in 2000.

Through the swap, the Blacks obtained an apartment for some $2.5 million (£1.3 million) less than it was really worth. The report says company was charged for a "Happy Birthday-Barbara" dinner at New York's La Grenouille restaurant.

Guests sat down to a $212 a head meal including Beluga caviar and 69 bottles of fine wine.

Black, who gave up his Canadian citizenship to take up a seat in the Lords as Lord Black of Crossharbour, also gave his wife a "no show" corporate post which paid her more than $1.1 million (£600,000) but did not require her to do anything, according to the report.

It also says that Black's attitude was that there was "no need to distinguish between what belonged to the company and what belonged to the Blacks - in Hollinger's world, everything belonged to the Blacks".