Australia stock exchange boss resigns amid bribery probe
21 March 2016
- From the section Business
The head of Australia’s stock exchange Elmer Funke-Kupper has resigned amid allegations of bribery at a major gaming company he used to run.
He’s also taken a leave of absence from the board of Tabcorp, Australia’s biggest bookmaker, and the company under investigation.
Tabcorp allegedly paid Cambodian Prime Minister Hun Sen’s family as part of its expansion efforts.
Last week, Mr Funke-Kupper said he had no memory of the payment.
Australian Securities Exchange (ASX) chairman Rick Holliday-Smith will become the bourse’s interim chief executive until a replacement is found.
“The ASX Board accepted that Elmer wanted to direct his full focus to the investigations which may be made into the Tabcorp matter – and not have them interfere with the important role of leading the ASX,” Mr Holliday-Smith said in a statement.
Mr Funke-Kupper was chief executive at Tabcorp from 2007 to 2011.
The allegations centre on a A$200,000 (£105,000;$151,000) payment to Cambodia in early 2010.
Tabcorp had reportedly been looking into entering Cambodia’s lucrative online gaming business ahead of the 2010 Fifa World Cup but has since abandoned the effort.
In an interview with Australia’s Fairfax media last week, Mr Funke-Kupper said he had no memory of the payment and that he had no intention of resigning from the ASX, which he joined in October 2011.
This post was written by FSB News