SBC News Voice of the Sports Betting Industry
Elmer Funke Kupper has announced his resignation as Chief Executive of the Australian Securities Exchange (ASX) as he faces potential allegations of bribery committed during his tenure as CEO of gambling operator Tabcorp.
The Australian Federal Police are investigating bribery charges made against Tabcorp Holdings relating to a $200,000 payment made to family members of Cambodian Prime Minister Hun Sen.
The payment is alleged to be in relation to Tabcorp securing a Cambodian gambling licence. Australian corporate laws prohibit the paying of foreign officials or industry regulatory stakeholders in order to gain a business advantage or facilitating of services.
Addressing the market this morning the ASX board confirmed that Funke Kupper would be replaced by chairman Rick Holliday-Smith on an interim basis.
Funke Kupper who served as CEO of Tabcorp Holdings from 2006 to 2011, has been granted leave as a director and advisor to Tabcorp until the AFP investigation is completed.
Speaking to the Australia media this morning, Funke Kupper stated his innocence against the allegations, stating that he had personally decided to resign as leader of the ASX in order to maintain the integrity of the sharemarket operator amid what he described as a ‘trial by media’.
