Fed: Shareholders launch $25 million civil suit against AWB

AAP General News (Australia)
04-17-2007
Fed: Shareholders launch $25 million civil suit against AWB

Angry AWB shareholders have filed a 25 million dollar lawsuit against the monopoly
wheat exporter .. for losses they claim to've suffered as a result of the Iraqi kickbacks
scandal.

Dozens of shareholders .. including several wheat farmers .. have joined forces to
seek compensation in the Federal Court.

They say their AWB shares suffered when details of the 290 million dollars in bribes
to SADDAM HUSSEIN's government were uncovered.

Solicitor BEN SLADE from law firm Maurice Blackburn Cashman .. filed papers with the
court in Sydney today .. but says it could be two or three years before the case gets
to trial.







Mr SLADE says many AWB shareholders bought AWB shares without knowing anything about
the kickbacks .. because the wheat exporter withheld the information about the payments
from the stock market.

The Cole inquiry last year found AWB paid more than 290 million dollars in kickbacks
.. disguised as transport fees .. to the former Iraqi regime of SADDAM HUSSEIN .. in exchange
for access to the country's lucrative wheat markets.

The payments were in breach of United Nations sanctions against Iraq.

AAP RTV bt/wjf/rh/bart

KEYWORD: AWB (SYDNEY)

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