A US prosecutor accused media mogul Conrad Black of systematically “fleecing” shareholders out of more than $60m (€44.7m) and creating an elaborate paper trail to cover his tracks.

Jurors in the trial of former media mogul Conrad Black have been told to prepare for closing arguments next week.

The US government’s star witness at former media mogul Conrad Black’s fraud trial testified that he consulted Black on every business deal he made on behalf of the Hollinger newspaper empire.

AT Hollinger International’s 2003 annual meeting, Conrad Black tried to disarm critics who alleged that he and top executives enriched themselves at shareholders’ expense.