In ASIC’s civil penalty proceedings against six former directors and officers of AWB including former Managing Director Andrew Alexander Lindberg, ASIC has announced that Lindberg has agreed to a Statement of Agreed Contraventions.

The admission of four contraventions of section 180(1) of the Corporations Act 2001 arise from AWB’s supply of wheat to Iraq under the United Nations (UN) Oil-for-Food Programme and subsequent inquiries conducted by AWB in relation to that supply.

A joint submission was made by ASIC and Mr Lindberg to the Supreme Court of Victoria that the appropriate penalty for the admitted contraventions ought to be a fine of $100,000 and disqualification from managing corporations until 15 September 2014.

The AWB proceedings have a long history going back to the Cole Inquiry in 2006: see here.