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ASIC's pursuit over AWB abuses nears end

AAP logoAAP 15/12/2016

ASIC'S LONG-RUNNING CASE AGAINST AWB OFFICERS:

December 2007 - Australian Securities and Investments Commission launches civil action against six former directors and officers of AWB Ltd, alleging they breached their duties over AWB's kickbacks to Saddam Hussein's regime in Iraq

August 2009 - Australian Federal Police drops its investigation into the scandal, meaning no former employees or directors of AWB will face criminal charges

May 2012 - Former AWB managing director Andrew Lindberg strikes deal with ASIC, admits four breaches of Corporations Act

June 2012 - Former AWB chief financial officer Paul Ingleby reaches deal, admits single breach

August 2012 - Lindberg fined $100,000 and banned from managing companies for two years

- Ingleby fined $10,000 and disqualified from managing corporations until end of 2012

March 2013 - Court of Appeal increases Ingleby's penalty to $40,000 fine and 15-month disqualification

December 2013 - ASIC drops case against former AWB international sales and marketing general manager Charles Stott and his successor Michael Long; says not in public interest to pursue the claims

October-December 2015 - Victorian Supreme Court trial of former AWB chairman Trevor Flugge and former group general manager trading Peter Geary

December 2016 - Judge finds Flugge breached his duty to exercise reasonable care and diligence as a director but clears him of not acting in good faith and for a proper purpose

- Judge finds Flugge didn't know AWB was making payments contrary to UN sanctions but failed to make inquiries into issues raised by UN

- Judge dismisses case against Geary

February 2017 - Hearing over costs and penalty for Flugge; maximum penalty: fines up to $200,000 and disqualification from managing a corporation.

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