The hunt is on to find convicted fraudster Conrad Black's assets, some of which could be tied up in Bermuda-based Sugra Bermuda Ltd., it has been revealed.

The former media tycoon was found guilty of three counts of mail fraud and one of obstruction of justice in a US court last week.

The charges related to non-complete payments made by American Publishing Company, a subsidiary of newspaper firm Hollinger International, involving $2.9 million, non-complete payment made by American Publishing Company and non-complete payments from Kentucky-based newspaper group Paxton Media, involving $600,000.

Lord Black was acquitted of one count of mail fraud, three counts of wire fraud and one count of racketeering and found not guilty of one count of mail fraud, one count of wire fraud and one count of tax fraud. He was also cleared of one count of tax fraud.

A report by a special committee of the board of Hollinger International Inc. said Lord Black co-owned two Barbados companies, Moffat Management Inc. and Black-Amiel Management Inc., which received millions of dollars in payments.

Private holding company, Toronto-based Ravelston Corp. Ltd., controlled by Lord Black, also had connections with a couple of offshore entitites.

According to court filings, Ravelston had a subsidiary in Barbados called Argent News Inc. as well as Sugra Bermuda Ltd.

Sources claim Hollinger International Inc. and Toronto-based Hollinger Inc., two companies Lord Black used to control, hired private investigators more than a year ago to assess the full extent of his personal wealth.

They are believed to have looked into more than 40 bank accounts that they suggest may be, or may have been, held in the name of Lord Black, his wife Barbara Amiel, or entities that appear to be affiliated with the couple.

The companies are suing the former press baron for hundreds of millions of dollars of allegedly improper payments, and last week's guilty verdict on some of the transactions may strengthen their claims against him.

Lord Black has neither confirmed nor denied the existence of offshore accounts and has been linked with offshore accounts in the past.