In Australia, the AWB-oil for food inquiry has claimed its first major scalp with the head of the AWB Andrew Lindberg resigning in the wake of allegations made in the UN report by former U.S. federal reserve Chairman Paul Volcker that AWB paid millions of dollars in bribes to the Saddam Hussein regime to secure wheat sales.

Certainly, evidence suggests that AWB had a culture that encouraged kickbacks to Iraq.

But AWB's weird corporate governance structure suggests it was a disaster waiting to happen. The owners of the company had no control so there were no checks and balances. You can find copies of the reports from Corporate Governance International here and here.