Tuesday 22. March, 2016

Former Tabcorp Boss Resigns Amid Bribery Allegations

Former head of Tabcorp, Elmer Funke Kupper, has resigned from his position of chief executive and managing director of the Australian Securities Exchange (ASX) amid bribery allegations. Days before Kupper resigned, the police opened an investigation into allegations of bribery against the Australian gambling giant.

Kupper joined the ASX after heading Tabcorp from 2007 to 2011. Last week, the police began investigating a payment that was made by Tabcorp relating to a business opportunity in Cambodia in 2009.

Australian law prohibits providing any benefit to a foreign official or their representative in order to attain a competitive edge in business. Tabcorp is alleged to have paid AU$200,000 to the family of the Cambodian Prime Minister Hun Sen at around the same time as Tabcorp was considering a launch of an online betting business in Cambodia.

Tabcorp, last week, admitted they had considered moving into the Cambodian market, but decided against the move. The company has insisted they will “fully cooperate” with the investigation.

Amid the allegations, Kupper has resigned from his role at the ASX and requested a leave of absence from the board of directors of Tabcorp on which he still serves.

“I have done this [resigned] in the interests of good corporate governance and the interests of strict process,” stated Kupper. “I have taken this step so that the company is able to build its future.”

“This is highly unusual. My name has not been mentioned. I have not been told I am being investigated. My job is to take control of the situation.”

Phay Siphan, spokesperson for the Council of Ministers within the Cambodian government stated that “the PM has no habit of receiving cash from anywhere or anyone” and that there was no basis for the allegations.

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