(Reuters) - Craig Holick, former manager of corporate finance for what was then Hollinger International, said the so-called non-compete payments were "ingenious" because the money could be used for purposes other than paying off Hollinger's debt.
While the bulk of the sale proceeds were used to pay off bank debts accumulated as Hollinger grew into one of the world's largest newspaper publishers, the portions of the proceeds allocated to non-compete payments were used to enrich executives, prosecutors have said.
Read more at Reuters.com Business News
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