Australian wheat exporter AWB Ltd is now suffering "payback", for the kick back allegations that engulfed it.
First-half profits fell 72%, to $9.7M, the company blamed Australia's worst drought in 100 years and costs from a scandal related to kickbacks to Iraq to win wheat contracts.
AWB paid $2.2M towards the cost of a government inquiry into the kickbacks scandal.
The Australian government has promised to reform the Australian wheat market after an inquiry last year concluded that AWB paid $220M in kickbacks to Saddam Hussein's regime between 1999-2003, to secure lucrative wheat contracts under the discredited U.N. oil-for-food scheme.
What goes around, comes around!
No comments:
Post a Comment