Developing Countries Will Lead Global Rice Import Growth in 2013-22, Says USDA Rice growers positive California MG prices are UP Russia MG Harvest coming to end Egypt open rice exports Vietnam’s rice export in tough competition with India Thai rice exports in May Rise Above Target This Year Viet-Nam Rice exports likely to fall this year
Australia Medium Grain Rice #1 $ N/A    Egypt 101 #2 $760    Egypt 178 #2 Rice $730    EU Prices Baldo €660    EU Prices LG-A Ariete 5% €550    EU Prices MG Lotto 5% €500    EU Prices RG Balilla 5% €500    Russia Rapan $ 700    USA Jupiter Paddy $375    USA Calrose #1 Paddy $480    USA Jupiter Rice $630    USA Calrose #1 $830   

 Main Page
 Home Page of This Title
 Medium Grain Rice Market
 Global Market News
 Grain News
 Pulses News
 Global Overview
 Importers Profile
 Exporters Profile
 What Is Rice
 History Of Rice
 Rice Harvest Seasons
 Rice Processing
 Rice Nutrition Facts
 Meals With Rice
 INCO Terms
 US Rice Standards
 EU Codex Standards
 Egyptian Specs
 Sponsor List
 All Links
 Commodity Exchange
Search in news database
AWB to escape massive fines
Disgraced monopoly wheat exporter AWB will escape billions of dollars worth of fines after the Federal Government's decision to introduce tough new laws for breaching United Nations' sanctions but not make them retrospective.

Attorney-General Philip Ruddock announced yesterday the Federal Government would introduce a set of new laws later this month in the wake of the Cole inquiry that revealed the extent to which AWB breached UN sanctions to keep its wheat trade with Saddam Hussein's regime intact.

Under the proposed laws, companies operating under UN sanctions that provide false or misleading information to the Government about their activities will face fines worth three times the value of the offending transaction or 10 years' jail for individuals. In the case of AWB, it paid kickbacks worth close to $300 million to Saddam for contracts worth well over $1 billion.

But a spokesman for Mr Ruddock confirmed that the fines and jail terms would not be retrospective - ensuring AWB and its senior management would avoid the new penalties.

Other changes planned include creating a new offence for breaching UN sanctions, powers given to government agencies to obtain evidence if it is thought a company is breaking the law and strengthening laws aimed at the bribery of foreign officials.

After much complaint by Labor and law groups, the Government will also make the definition of a bribe tougher.

Previously, there has been a difference between criminal law covering briberies and tax law relating to so-called facilitation payments. The tax office decided against trying to recoup the bribes paid by AWB to Iraq, which were claimed back as a tax deduction under the facilitation payment.

Only minor facilitation payments will be open to tax deductibility.

Another problem with Australian tax law regarding bribery was that in the case of Saddam, bribery was not technically illegal in Iraq.

Mr Ruddock said the changes would strengthen Australian law on a range of fronts.

"Australia led the world in conducting the public, transparent and independent Cole inquiry. These changes continue Australia's tough stance," he said.

Meanwhile, extra staff have been assigned to the special task force investigating possible charges against several AWB personnel, including WA-based Trevor Flugge.

Philip Ruddock: Making it illegal for companies to break UN sanctions
MGR Archive 6.5.2007
Printer Friendly Version Of This Article
Send This Article To A Friend
User Name:
      Forgot your Password?
Region Type Price  
Russia Rapan $ 700
USA Jupiter Rice $630
USA Calrose #1 $830
USA Calrose #1 Paddy $480
EU Prices Baldo €660
Click for Details

Medium Grain Reports
Rice Market News
World Rice Markets and Trade
USDA Country Reports
Rice Market Monitor
Rice Outlook
Italian Paddy Supply
European Rice Weekly
EU Reports
Convert this amount:

  © 2002 All rights reserved. - Legal Notice