Aus­tralia stock mar­ket chief quits amid bribery probe

The Pak Banker - - 6BUSINESS -

SYD­NEY: The head of Aus­tralia's stock mar­ket op­er­a­tor re­signed Mon­day, amid a po­lice in­quiry into bribery al­le­ga­tions at a gam­ing group he pre­vi­ously man­aged. Elmer Funke Kup­per, ASX man­ag­ing di­rec­tor and CEO since Oc­to­ber 2011, pre­vi­ously headed Tab­corp -- which de­scribes it­self as one of the world's largest pub­licly listed gam­bling com­pa­nies. It is cur­rently be­ing in­ves­ti­gated over an al­leged pay­ment, re­port­edly Aus$200,000 (US$151,460) to a com­pany run by rel­a­tives of Hun Sen, the prime min­is­ter of Cam­bo­dia where Tab­corp had been look­ing to ex­pand. "I have done this in the in­ter­ests of good cor­po­rate gov­er­nance and the in­ter­ests of strict process," Funke Kup­per told Fairfax Me­dia.

"My name has not been men­tioned. I have not been told I am be­ing in­ves­ti­gated. My job is to take con­trol of the sit­u­a­tion."

Funke Kup­per last week told re­porters he could not re­call such a pay­ment dur­ing his four years in charge at Tab­corp, which said it did not pur­sue the op­por­tu­nity in Cam­bo­dia.

ASX chair­man Rick Hol­l­i­day-Smith said the 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".

He will take over Funke Kup­per's du­ties while a re­place­ment is found, the Aus­tralian Se­cu­ri­ties Ex­change said in a state­ment.

Funke Kup­per had re­mained a di­rec­tor at Tab­corp and he was granted leave of ab­sence from the board, said the Aus­tralian gam­bling and en­ter­tain­ment gi­ant.

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