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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. 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 12 current and former executives of AWB. AWB exports "into more than 50 countries, with Australian wheat exports worth up to $5 billion per year" (AWB 2006). AWB had veto power over any other prospective exporters of wheat, which effectively eliminated competition on the export market for Australian wheat, thereby capturing freight differentials. Exports are typically managed through commodity pools, which are managed investment schemes. The beneficial interest in the export grain is distributed to participants in the commodity pool. AWB has three core divisions - Rural Services, Financial Services and Commodity Management (which includes the National Pool). Rural Services and Financial Services offer products and services through the Landmark network, a 430 store retail distribution business serving rural Australia. Commodity management provides grain products to global customers with offices in Australia, Singapore, Tokyo, China, India, Geneva and Brazil. Following poor financial performance of the Brazilian operations, AWB announced in 2009 the intention to sell the business. [1]
[edit] History of the BoardThe AWB was founded in the late 1930s, to regulate the wheat market after the excesses of the Great Depression. The single desk dates to this period. The Canadian Wheat Board was initially modelled on the Australian Wheat Board.[dubious ] Since privatisation, AWB has grown to incorporate a number of subsidiaries to diversify its income away from its wheat exports. Its subsidiary businesses include GrainFlow to manage collection of grain from farmers to ports, companies to ship the grain overseas to customers, and Landmark rural services. [edit] Corporate structureAWB Limited is a holding company owning a number of subsidiaries. Its shares are freely traded on the Australian Stock Exchange. AWB Limited has a number of subsidiaries. Some of these subsidiaries exist due to legislative requirements relating to the operation of the single desk; others exist for the purpose of controlling credit risk. As of early 2006, they are:
[edit] Oil for food scandalPreviously a low profile organisation, the AWB made headlines in late 2005 when it was alleged that it had knowingly paid kickbacks to the Iraq Government, defrauding the UN and violating sanctions. At the insistence of the Iraq government of dictator Saddam Hussein, the AWB agreed to pay 'transportation fees' of around $AUD 290 million. The government-sanctioned Cole Inquiry into the company's role in the scandal has been completed and was tabled by Attorney-General Philip Ruddock on 27 November 2006.[1] Australia's government has distanced itself from the payments to Saddam Hussein's regime, given Australia's contribution to military action against Hussein in the 2003 invasion of Iraq. Andrew Lindberg resigned as managing director on 9 February 2006 and from the board of directors on 22 February 2006 under intense public and media pressure.[2][3] The Oil-for-Food program UN resolution 986 was passed on 14 April 1995 and the program ran from late 1996 until 20 March 2003 On 11 July 2006, North American farmers are claiming $1 billion in damages from AWB at Washington DC, alleging the Australian wheat exporter used bribery and other corrupt activities to corner grain markets. The growers are also claiming that AWB used the same techniques to secure grain sales in other markets in Asia and other countries in the Middle East.[4]The lawsuit was dismissmed in March 2007 [5] [edit] Other Issues with SanctionsOn 26 April 2007, Yahoo News reported that AWB breached US sanctions on Iran. These sanctions prohibit American citizens and companies using American currency from trading with Iran. However, in 2006 AWB’s US subsidiary (which trades using American currency) attempted to pay an Iranian transport company approximately $1 million dollars, in clear breach of the US sanctions. [6] [edit] References
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