THE Australian Securities and Investment Commission will investigate claims that a former AWB Limited board member was offered a financial inducement to back support for the wheat marketer's restructure in 2008.
The Weekly Times reported exclusively on December 30 that former director Xavier Martin claimed he was offered a financial inducement to change his opposition to constitutional changes and back the company's position on structural reform, which would see growers lose control of the board.
Mr Martin said the offer was made separately by some AWB officers in the lead up to a crucial vote on August 21, 2008.
AWB, which has more than 2000 employees, has strenuously denied the claim.
The Weekly Times understands ASIC is soon to question Mr Martin about the claims.
The allegations came after AWB chairman Peter Polson was asked to explain at last December's annual general meeting why $465,000 was paid in retirement benefits to former directors Brendan Stewart, Brendan Fitzgerald and Steve Chamarette in 2008-09.
All three former directors supported constitutional reform.
Four former directors who opposed constitutional reform - Mr Martin, Rodger Schirmer, Russell McKenzie and Colin Nicholl - did not receive payments in 2008-09, despite resigning from the AWB board just six weeks before the then chairman Mr Stewart.
Mr Chamarette and Mr Fitzgerald denied they were offered financial inducements to support constitutional reform, while Mr Stewart did not comment.
An ASIC spokeswoman said the "commission would not comment on operational matters".
