Exporter Abused U.S. Guarantees

MANHATTAN (CN) - AWB (USA), the U.S. subsidiary of an Australian soybean exporter, owes Standard Chartered Bank of England $23.9 million for abusing U.S. government guarantees and financing by the U.S. Commodity Credit Corporation, and shifted funds from one subsidiary to another to duck U.S. taxes, U.S. District Judge Alvin Hellerstein ruled. See ruling.