AWB Limited (ASX:AWB) said yesterday it had formally settled its commercial disputes with Iraq’s trade ministry, on the same day as a US appeals court threw out a lawsuit lodged against it.
The company said it had signed a deed of settlement with the Ministry of Trade and Grain Board of Iraq which covers all of the parties’ prior disputes.
A US appeals court has also thrown out a class-action lawsuit lodged on behalf of the residents of the three northern governates of Iraq.
AWB became embroiled in controversy after it was revealed that the company had been paying kickbacks to Saddam Hussein’s administration.
The development paves the way for AWB to resume trading in Iraq, but it does still face one remaining legal battle in the US.