THE corporate regulator has dropped a probe into a complaint by AWB Limited over allegations by former director Xavier Martin he was offered a financial inducement to back a restructure of the company in 2008.
Mr Martin claimed in an exclusive story in The Weekly Times on December 30 last year he was offered a financial inducement by AWB officers in the lead-up to a crucial shareholders' vote in August 2008, to change his position on constitutional amendments.
AWB made a verbal complaint to the Australian Securities Investment Commission after The Weekly Times published its story, saying it did not believe financial inducements were offered to Mr Martin.
This week, AWB produced a letter from ASIC dated March 11 saying it had "decided not to take any further action into the issues you have raised at this time".
The specifics of the complaint by AWB to ASIC are not clear.
An ASIC spokeswoman said the corporation did not comment on operational matters.
Mr Martin's allegations may remain unresolved due to conflicting claims and denials.
Mr Martin said he could not comment on the development.
The Weekly Times understands ASIC has placed a gag order on Mr Martin, preventing him from talking about AWB, as part of wider legal action against former AWB managing director Andrew Lindberg.
