The former monopoly exporter will make the payment, including interest and costs, to more than 1,000 shareholders and farmers who claimed the scandal cost them 100 million Australian dollars in losses.

"We are pleased that it has been settled," retired farmer John Watson told reporters outside the Federal Court in Sydney. "We are pleased that corporate accountability has been brought to the fore."

Sanctions-busting kickbacks were paid by AWB to secure billions of dollars in grain deals with Iraq between 1999 and 2003 under a United Nations oil-for-food programme.

Iraq's new government suspended business with the AWB in 2006 after the exporter's role in the scandal surrounding abuse of the programme was confirmed by an official inquiry.

AWB chairman Peter Polson described the settlement, which still needs court approval, as "commercially acceptable" and said it was in the best interests of shareholders.

"The company is pleased to put this matter behind it as this is the final legal matter directed against the company in Australia arising out of activities under the United Nations Oil For Food Programme," he said in a statement.

The programme ended in 2003 after the United States-led invasion of Iraq toppled Saddam, who was executed in December 2006.

A key allegation was that AWB failed to meet disclosure obligations to the market about the payments, which were disguised as fees to a Jordanian company.

In August, Australian authorities decided not to pursue criminal charges after an independent review found prospects of a successful prosecution were "limited and not in the public interest".

del.icio.us	Digg	Reddit
YahooMyWeb	Google	Facebook

Memory Foam Mattress Review

SPACE MEDIA NETWORK PROMOTIONS Solar Energy Solutions Tempur-Pedic Mattress Comparison ... Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News