Australia’s wheat exporter AWB has been suspended from US government contracts and faces permanent exclusion, for paying bribes to Iraq’s former regime.
The step was taken “based on evidence of illicit activities”, said US Agriculture Secretary Mike Johanns.
Last month, a judicial inquiry found AWB broke UN oil-for-food programme rules by paying Saddam Hussein $222m (£112m) to secure contracts
Australia’s wheat exporter AWB is to temporarily lose its monopoly over wheat exports, after a report into bribes paid to Iraq’s former regime.
A judicial inquiry found AWB broke United Nations oil-for-food programme rules by paying Saddam Hussein $222m (£112m) to secure contracts.
The government said AWB would lose its power to veto exports for six months
North American wheat farmers are seeking $1bn (£540m) in damages from Australian wheat exporter AWB, claiming it has used corruption to win business.
They have filed a class action in Washington, using US anti-racketeering laws designed to fight organised crime.
AWB is accused of using bribery and corrupt means to win grain sales in Iraq, Yemen, Pakistan and Indonesia, at the expense of US and Canadian farmers
A second currency trader has been jailed for his role in a multi-million dollar foreign exchange scandal at National Australia Bank.
Gianni Gray was given a 16-month sentence by the Victorian County Court for what was described as a “calculated and sophisticated fraud”.
The bank lost 252m Australian dollars (£105m; $181m) three years ago after rogue trades by four members of staff
Iraq has suspended business dealings with Australia’s monopoly wheat exporter AWB, the company has said.
The suspension will remain in force until the completion of an inquiry into allegations that the firm paid bribes to the former regime of Saddam Hussein.
“AWB is disappointed by the decision,” said chairman Brendan Stewart
Australian building products group James Hardie has agreed to pay $1.1bn (£568m) to victims of asbestos-related diseases.
The landmark deal could see thousands of people suffering from lung diseases – caused by asbestos the company once made – receive compensation
National Australia Bank, the country’s biggest lender, has seen its profits slump following a trading scandal.
Increased competition and rising costs have also taken their toll, producing what boss John Stewart called a “poor and unacceptable result”.
Profit in the six months through 30 September was 1
National Australia Bank director, Catherine Walter, has decided to quit in the aftermath of a trading scandal after originally refusing to step down.
“I have tried to stand up for what I believe is in the long term interests of the bank,” she said in a statement.
Ms Walter claimed she was made a scapegoat for 252m Australian dollars (£104m; $188m) in losses on unauthorised foreign exchange trades