The "Inquiry into certain Australian companies in relation to the UN Oil-For-Food Programme" is already raising serious flaws in the ethics of international trade by some Australian companies and possibly the government itself.
The Inquiry was instigated following the expressed wish of the Secretary-General of the United Nations Mr Kofi Annan in a statement issued on 27 October 2005 with the release of the report of the Independent Inquiry Committee into the United Nations Oil-for-Food Programme (the Volcker Report).
The Inquiry's website has daily transcripts of the hearings which have attracted international interest.
The Age reports that the Australian Wheat Board CEO has admitted deceiving the UN.
The inquiry by Commissioner Cole is investigating whether three Australian companies breached Australian export, aviation or banking regulations, which gave effect to UN sanctions against Iraq.
It is focussing first on AWB, a wheat exporter, which is accused of indirectly giving $290 million to Saddam Hussein's government.
The inquiry will also examine Alkaloids of Australia's sale of about $1.05 million worth of a pharmaceutical raw material and Rhine Ruhr, which sold goods valued at around $238,000.
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