AWB Limited
Company
'There is not intended to be anything cute about this,' ASIC tells courtIn its first case, ASIC alleges Mr Lindberg breached his fiduciary duties because he knew, or ought to have known, about the kickbacks and by failing to stop the payments he brought AWB into disrepute, causing commercial damage. The... In this article: AWB, Allegation, The Australian Securities and Investments Commission, Paul Volcker, and Saddam Hussein |
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The Australian | October 19, 2009
AWB boss saw 'kickbacks go to Saddam'
...Police said they had dropped the investigation. From here you can use the Social Web links to save AWB boss Andrew Lindberg saw 'kickbacks go to Saddam' to a social bookmarking site. Information provided on this page will not be used...
In this article: AWB, Andrew Lindberg, Saddam Hussein, UN, Iraq, The Australian Securities and Investments Commission, Victorian Supreme Court, and Trevor Flugge
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Sydney Morning Herald - Business | 3 days ago
Case against AWB chief in strife after judge's salvo
...Baghdad and toppled Saddam Hussein. The payments, which AWB hotly denied for three years, breached UN sanctions against the pariah state, and ultimately caused AWB enormous commercial damage. Mr Lindberg wants the court to halt one of...
In this article: AWB, Iraq, Allegation, Australian Securities and Investments Commission, Saddam Hussein, UN, and Tigris
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Sydney Morning Herald - National | 4 days ago
ASIC under fire over AWB investigations
...the first civil case against Mr Lindberg. In the second case, ASIC alleges Mr Lindberg failed to tell the AWB board that the company paid more than $225 million to Saddam Hussein's regime. The corporate regulator alleges Mr Lindberg...
In this article: AWB, Allegation, Saddam Hussein, Cross-examination, Australian Securities and Investment Commission, and UN
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Claims Cole Inquiry got it wrong on AWB boss
...''very sporadically'' the Cole Inquiry. The Cole Inquiry, which reported in 2006, found AWB paid kickbacks to Saddam Hussein's regime in breach of UN sanctions for at least four years. Mr Caridi also indicated that ASIC in 2007 was...
In this article: AWB, Cross-examination, Australian Securities and Investments Commission, Saddam Hussein, and UN
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The Australian | 4 days ago
AWB trial turns spotlight on regulator
...trial against him. In their first case, the corporate regulator alleges the former AWB boss knew or ought to have known about $300 million in kickbacks paid to the former Saddam Hussein regime, in breach of UN sanctions. In the second case,...
In this article: AWB, Allegation, Cross-examination, Australian Securities and Investment Commission, US Army, Supreme Court, and Saddam Hussein
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AWB raising lets down grain growers
...by the directors appointed to protect their interests. Back in the good old days before AWB lost its single desk monopoly, shares in the company peaked at almost $5.50 in early 2006. Growers controlled the company through their monopoly...
In this article: AWB, Deutsche Bank, Goldman Sachs, UBS, Sigma Pharmaceutical, Billabong, ASX, CSR, and ConnectEast
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Regulator has second go at former AWB head
Regulator has second go at former AWB head THE corporate regulator has started a fresh wave of legal action against the former AWB chief executive Andrew Lindberg alleging that for more than two years he misled directors by failing to tell...
In this article: AWB, Allegation, Saddam Hussein, Iraq, Climate change, The Australian Securities and Investments Commission, and United Nations
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ASIC in fresh attack on AWB chief over Iraq
ASIC in fresh attack on AWB chief over Iraq THE corporate regulator has launched a fresh wave of legal action against former AWB chief executive, Andrew Lindberg, alleging that for more than two years he misled his fellow directors by...
In this article: AWB, Paul Volcker, Iraq, UN, Saddam Hussein, and Allegation
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Austrade named in bank bribe scandal
Government sources said the involvement of Austrade and Foreign Affairs in the Vietnam deal shared similarities with their controversial role in assisting the wheat exporter AWB in its dealings with Saddam Hussein's regime in Iraq.
In this article: Vietnam, Ministry of Public Security, Polymer, AWB, and Saddam Hussein
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Description from Wikipedia:
AWB Limited (ASX: AWB) is the Australian former monopoly company that oversees the exports of grain, particularly wheat.
The AWB was a government body known as the Australian Wheat Board until 1 July 1999, when the AWB was transformed into a private company, owned by wheat growers. On 22 August 2001, AWB was floated on the Australian Stock Exchange.
The AWB was the "single desk" for the sale of Australian wheat. However on 22 December, the Howard government issued permits for two other companies to start exporting wheat; Wheat Australia to export 300,000 tonnes to Iraq, and CBH to export 500,000 tonnes to Indonesia. AWB has been the subject of controversy recently, amid revelations that the company paid kickbacks to former Iraqi leader Saddam Hussein. These revelations and the subsequent Cole Inquiry called by the Australian Government may result in criminal charges being brought against many current and former executives of AWB and could lead to permanent changes to, or the ending of, AWB's export monopoly. On 29 January 2007 the first non-AWB wheat shipment since 1939 left Western Australia for Indonesia.
AWB exports “into more than 50 countries, with Australian wheat exports worth up to $5 billion per year” (AWB 2006). It is given a near-monopoly by the Government, where it is the largest seller of wheat that is permitted to negotiate with overseas buyers and make export sales. AWB has veto power over any other prospective exporter of wheat, which effectively eliminates competition. Exports are managed through commodity pools which are managed investment schemes. The beneficial interest in the export grain is distributed to participants in the commodity pool. However, the Wheat Export Authority, on average, allows around 4% of total wheat exports to be exported by others, but this is not allowed to be in bulk, only bags and containers.
- Name:
- AWB Limited
- Type:
- Public company (ASX: AWB
- Origin:
- Australian Wheat Board
- Location:
- Melbourne, Australia
- Founded:
- 1 July, 1999
- No. of Employees:
- 2,800
- Website:
- http://awb.com.au/
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