I know this sounds hard to believe, but I don't enjoy all those people losing their money either. I invest in what I believe is REALISTICALLY going to happen, and if that entails share price going down then I may as well use my knowledge to make money.
ABC website article. This is going to get much worse than I ever expected.
Lindberg knew about Iraq payments AWB's managing director has now conceded he probably did see a contract that authorised illegal payments to the former Iraqi regime.
In late 2002, the Department of Foreign Affairs told AWB it had only two ways to repay a multi-million dollar penalty for contaminated wheat without breaching UN sanctions on Iraq.
Over the past three days, Andrew Lindberg had denied any memory of payments to a company called Tigris under the United Nations oil-for-food program.
Mr Lindberg has now admitted he probably knew that a debt owed to the Iraqi government was being secretly repaid to Tigris.
The minutes of Mr Lindberg's briefing to the AWB board describe the payment as a service fee.
Documents presented this morning reveal the payment was $US7.8 million.
Mr Lindberg's memory was that the payment was only $500,000.
The documents also reveal that AWB accounts added a commission for the Tigris payments to wheat sales.
Commissioner Terrence Cole said that meant the sham had gone through to AWB accounting.
Under persistent questioning, Mr Lindberg admitted that inflating prices was deceiving the Untied Nations and the board of directors.
Mr Lindberg was at as loss to explain why two senior executives were not afraid to draw up the payments plan.
AWB Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
