The Cost of Kick Backs

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!