Iraqi Govn’t Brings a Suit Against AWB For Oil for Food Program

The Iraqi Government has filed a civil lawsuit in the US District Court for the Southern District of New York against 94 companies, including AWB, for their role in the corruption of the United Nations Oil-for-Food program.

The Iraqi Government's civil lawsuit alleges violations of the US Racketeer Influenced and Corrupt Organisations Act.

AWB is remaining tightlipped on the matter, issuing only a short statement to the media.
"These matters are already the subject of litigation in other US civil actions before the US District Court for the Southern District of New York and AWB will vigorously defend its position if the case proceeds," the AWB release states.

It is believed the Iraqi Government seeking more than $10 billion in compensation from the companies in question, which it alleges was cheated from the Iraqi people.

Meanwhile, AWB has held its 2008/09 estimated pool returns at unchanged levels in its latest market update.

The EPR range for APW wheat is $370-$390 (free on board, GST exclusive) and the Western Australian noodle grade wheat is now at $375-$395.