AWB and Volcker

About AWB, from their web site

What AWB say about the allegations:

October 28 2005 Media Release
The Board and management of AWB welcome the finding of the IIC that AWB was not knowingly involved in schemes implemented by the former Iraqi regime to circumvent the UN Oil for Food Program.
Notwithstanding, the thorough and rigorous investigation conducted by the IIC, it has not found that AWB knew of the matters now alleged. This has confirmed AWB’s position.
AWB has consistently maintained its position that it did not know, and could not know, what Alia did with the money AWB paid to it by way of transport fees.
AWB sold wheat in accordance with the UN guidelines. All AWB contracts, including those with an inland transport component, were approved by the UN.
Throughout the OFF Program AWB operated in the belief that Alia was a genuine transport company providing an effective service. We paid for a trucking service and clearly the wheat was delivered the hundreds of kilometres from port to inland Iraq.
We were surprised to learn of the fact that Alia did not provide a trucking service.

November 1 2005 Media Release
…It should be noted that the Volcker report did not find that AWB was knowingly involved in any scheme or arrangement to channel funds to the former Iraqi regime.
It is of concern to AWB that allegations are being made against the company and anticipates the inquiry to address them.

November 10 2005 Media Release
AWB Managing Director, Andrew Lindberg said the company would cooperate fully with the Federal Government Inquiry in relation to the United Nations Oil-for-Food program.
The terms of reference were announced today by the Attorney General, Mr Ruddock.


What they say about themselves:

* AWB Limited is Australia's leading agribusiness and one of the world's largest wheat marketing and management companies. It is also one of Australia's top 100 publicly listed companies.
* AWB is the exclusive manager and marketer of all Australian bulk wheat exports through what is known as the Single Desk system. It also markets and trades a range of other grains including barley, sorghum and oilseeds.
The acquisition of Landmark in August 2003 was clearly a major milestone for AWB. * Landmark is Australia’s largest supplier of farm inputs and rural merchandising supplier, handling approximately 20% of the national wool clip and 20% of livestock trading and supplying a significant amount of the country’s fertiliser, through an extensive network of 430 outlets.
* AWB is also one of Australia’s primary providers of financial services and risk management to rural Australia, providing a range of competitive cash flow, finance and underwriting products tailored to suit domestic and international customers.

1. Pool Management Services – primarily involves the aggregation, management and global marketing and distribution of Australian export wheat


2. Finance and Risk Management – provides finance and risk management products to growers and end users


3. Grain Acquisition and Trading – consists of trading, as principal, of grains and grain related trading flow


4. Supply Chain and Other Investments – consists of the development of, and direct investment in, supply chain infrastructure and end use grain businesses


5. Grain Technology – consists of the development and Australian application of leading edge grain related technologies


6. Landmark – provides customers with rural merchandise, fertiliser, livestock, wool, agronomy, insurance, real estate and financial services.

AWB’s who’s Who

Directors Profiles
Executive Profiles

The Board’s History

In 1915, during World War 1, an Australian wheat pooling scheme was created to assist wheat growers.
This pool was administered by an Australian Wheat Board, comprising the prime minister and a minister from each of the wheat growing states.
In 1921 the wheat board ceased to operate, as it was always intended that the pooling scheme would end after the war.
The Australian Wheat Board was established as a statutory authority by Wheat Acquisition Regulations contained in the National Security Act 1939.
It continued in existence as a Government controlled marketing authority under successive legislation until July 1 1999.
The Australian Wheat Board was established as a statutory authority by Wheat Acquisition Regulations contained in the National Security Act 1939.
It continued in existence as a Government controlled marketing authority under successive legislation until July 1 1999.
In August 2001, AWB was publicly floated with B-Class shares listed on the Australian Stock Exchange.