Canadian media holding company Hollinger Inc said on Friday it cannot complete its 2003 financial statements until its US-based Hollinger International Inc affiliate finishes its annual financial report. The holding company, embroiled in a complex legal battle with Hollinger International, said it continued to pursue an arrangement with the US firm to allow an audit of the Hollinger Inc 2003 financial statements to begin.

Hollinger International, publisher of the Chicago Sun-Times, said earlier this week it expects to file its 2003 annual report to US securities regulators by mid-January. The results were delayed while the company investigated its financial dealings under Conrad Black, its former chairman who was ousted in January over disputed payments he collected.

As a result of the internal probe, Hollinger International sued Black, Hollinger Inc and other defendants in a federal lawsuit in the United States, accusing them of draining the company of millions of dollars. Black has denied any wrongdoing.

Copyright Reuters, 2005