Former Australian Wheat Board (AWB) managing director Andrew Lindberg has been fined $100,000 for his role in the Iraqi oil-for-food scandal.

Mr Lindberg has admitted breaching the Corporations Act by not telling the United Nations or the AWB board about bribes paid to the former regime of Saddam Hussein.

The AWB paid almost $300m in kickbacks to the Saddam regime during its participation in the oil-for-food program introduced in 1995 as part of UN sanctions imposed after the first Gulf War.

Mr Lindberg has also been banned from managing a company for a year.

Speaking outside the Victorian Supreme Court today, he warned firms to be cautious when trading abroad.

"I've never resiled from my responsibilities and I don't do it now. And I just want to get on with my life and do what I can," he told reporters outside the court.

"I think in any market, particularly overseas when you deal with third-world countries, I think you've got to be very careful, and it's perhaps easier than you think to make mistakes.

"I just want to get on with my life now and thank everyone that's supported me and thank the court for the consideration I've been given."