Australia's sole wheat exporter Australian Wheat Board (AWB) on Monday expressed its disappointment over Iraqi Grain Board's decision to suspend business with AWB until the Cole inquiry is completed.

In a statement to the Australian Stock Exchange, AWB executive chairman Brendan Stewart said the company is disappointed by the decision and is taking steps to rebuild its reputation, Australian Broadcasting Corporation radio reported.

"AWB is disappointed by the decision," he said.

"AWB is determined to take whatever steps are necessary to rebuild its reputation with all customers, growers and shareholders," he said.

After Andrew Lindberg, the managing director, resigned last week, the AWB board appointed Stewart as executive chairman and Peter Polson as acting chief executive officer at a recent meeting.

The board has introduced an independent audit to review its corporate governance and marketing practices.

Commissioner Terence Cole is heading an inquiry investigating 300 million Australian dollars (220 million U.S. dollars) worth of payments made by AWB to the former Iraqi regime in contravention of UN sanctions against Iraq.

The immediate impact means AWB misses out on a bid to tender for the export of a million tons of wheat to Iraq.

Meanwhile, Australian Prime Minister John Howard has denied reports the government is committed to ending AWB's wheat export monopoly.

Source: Xinhua