It emerged this week that embattled media mogul, Conrad Black has had almost $9 million from the sale of his New York apartment seized by the FBI, which alleges that the proceeds from the sale are the result of fraud.
According to reports on the matter, Lord Black exercised an option in December 2000 to purchase the apartment from a subsidiary of his former company - Hollinger International - at below market value, in a complicated transaction involving another apartment in the building.
The apartment was sold in June for $10.5 million.
The US attorney's office has stated that in addition to the $9 million seized by the FBI, a further $1 million has been taken to cover unpaid taxes.
It is not yet known whether the fraudulent activity alleged by the FBI will result in criminal charges.
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