Australia: AWB Losing at Monopoly?

AWB Ltd., formerly the Australian Wheat Board, lost its ability to veto export applications by rival wheat companies Dec. 5 after 11 former AWB executives were accused of paying $224 million in bribes to the Iraqi regime under former President Saddam Hussein. Through the loss of the veto, AWB stands to lose its monopolistic hold on the $3.3 billion Australian wheat export market — which accounts for 15 percent of global wheat trade — as competitors make their way in.