Hollinger International Inc., publisher of the Chicago Sun-Times, will restate financial statements for four years because of errors in tax filings related to sales of assets.
The restatements will increase tax liabilities by $61.8 million for 2000 through 2003, the company said in a filing with the Securities and Exchange Commission. The company said the changes would lower 2000 net income by $1.7 million and increase its 2001 net loss by about $1.9 million.
A grand jury is investigating Hollinger's allegation that former chief executive Conrad Black and his former deputy David Radler, looted the company of more than $425 million. Reports have said Radler plans to plead guilty on Sept. 15 to federal fraud charges. Hollinger will file its 2004 annual report, delayed because of the restatements, that same day.
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