MELBOURNE, Australia-The chief executive of ASX Ltd., Australia’s main securities exchange, abruptly quit as the gaming company he once led was investigated for alleged bribery in Cambodia.
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Mr Funke was chief executive of Tabcorp over the period under investigation and has been chief executive of the ASX since 6 October 2011.
ASX chairman Rick Holliday-Smith will become Executive Chairman while a national and global executive search is conducted for a new CEO.
“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”, a statement on the ASX read.
Funke Kupper has also today been granted a leave of absence from his board position at Tabcorp.
Tabcorp reportedly paid the sum to the family of Cambodian Prime Minister Hun Sen as it looked to expand its gaming empire into the Asian country.
In a separate statement Monday, Tabcorp granted Funke Kupper’s request for leave as a director until the police investigation is finished.
Tabcorp said it was co-operating with the police investigation. The statement said the resignation would be effective immediately.
According to local media outlets, Tabcorp deposited the money into a USA bank account by a consulting company linked to Hun Sen’s sister in 2010, which, incidentally, was also around the same time the wagering operator was pursuing an online sports betting license in Cambodia to boost the worldwide profile of its then-new Luxbet online betting brand.
Cambodian officials have labelled the allegations as “baseless”. He had been at the helm of the ASX since October 2011. “I have taken this step so that the company is able to build its future”, said Mr Funke Kupper.
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U.S. anti-corruption authorities responsible for enforcing the Foreign Corrupt Practices Act, which prohibits the United States being used to facilitate possible bribery, identified the payment at least 12 months ago.
