Conrad Black - an apology

IN our article 'Black scraps plan for Channel 5 investment' by Chris Blackhurst and Larry Black (28 June 1992), we referred to the then imminent flotation of The Telegraph plc, of which Conrad Black is chairman. We claimed that Mr Black's retention of control through Hollinger, his Canadian master company, was causing most worry and alleged that, in view of Mr Black's previous corporate activities in Canada, being a minority shareholder in one of his interests had not always been a pleasant experience.

We now accept that this allegation is wholly without foundation and that minority shareholders have been treated fairly and equitably throughout. We also accept that the suggestion, implicit in our article, that Mr Black had engaged in the deliberate manipulation of his Canadian companies' assets to enrich himself at the expense of minority shareholders, is absolutely untrue.

We very much regret the publication of these allegations and apologise unreservedly to Mr Black for the embarrassment and irritation he suffered as a result. To underline the sincerity of our apology, we have agreed to pay Mr Black substantial damages and his legal costs.