Court freezes Lord Black's assets

Lord Black is facing legal action in the US and Canada

Media tycoon Lord Conrad Black has had his personal assets frozen worldwide by a Canadian court.

Under the ruling, which covers both his own and his wife's cash, he will have little access to his money and must get court approval for most spending.

Lord Black's assets were frozen last week by Ontario Superior Court, after a request from Hollinger Inc, a company once controlled by Lord Black.

Hollinger has sued Lord Black, claiming he stripped the firm of key assets.

The group claims that in the mid-90s Lord Black - together with several other executives - transferred to the US-based group they controlled, Hollinger International, at below their market values.

Toronto-based Hollinger Inc is suing Mr Black and the others for $700m.

Finance fears

The company is thought to have called for the freezing order - still known as a "mareva injunction" in Canada - amid fears that the case would drag on through the courts for some time, during which Lord Black's assets may disappear.

Reports suggest that under the ruling, Lord Black will be allowed access to $20,000 a month.

News of the injunction is the latest legal woe to hit Lord Black, as well as legal action in Canada he is facing criminal charges of racketeering, money laundering, wire fraud and obstruction of justice in the US.

Prosecutors allege Lord Black oversaw a number of newspaper sales which enriched him and other Hollinger executives.

Lord Black, 61, denies allegations he helped divert almost $84m (£49m) from Hollinger International. His trial is due to begin next year.

The company owns the Chicago Sun-Times and other newspapers, and used to own the Telegraph Group in the UK.