Hollinger CFO Found Disclosure Problems

[Socialist Christian]

http://abcnews.go.com/wire/Business/ap20031121_1314.html

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Hollinger International Inc., a newspaper publisher being investigated over payments made to senior executives, revealed in a securities filing that its chief financial officer found serious problems with the company's disclosure practices.
The quarterly filing, which Hollinger made late Thursday evening, was both late and incomplete since neither the chief executive nor the company's public accountants signed off on it.

The company said the filing would be found "deficient" by the Securities and Exchange Commission, putting it out of compliance with filing rules and hindering its ability to sell stock and debt to the public. A spokesman for the SEC, which is conducting its own investigation into Hollinger, declined to comment on the filing.

Hollinger, which publishes the Chicago Sun-Times and The Daily Telegraph in London, also disclosed that it understated its income taxes by about $17 million because of inaccuracies in previous disclosures regarding $32 million in payments made to several senior executives and to Hollinger's Toronto-based parent company.