ASX head quits in Tabcorp bribery scandal, steps down as board member

Elmer Funke Kupper has resigned as head of Australia’s main securities exchange as Australian Federal Police probe bribery allegations, local media reports.

According to ASX Ltd., the resignation is effective immediately. The ASX CEO has also requested a leave of absence from Tabcorp’s Board of Directors until the bribery investigation conducted by the Australian Federal Police is concluded, according to a recent filing from the company.

Recently, it was alleged that a $200,000 (US$150,300) payment was made as part of an attempt to secure a lucrative online gaming license in Cambodia. The payment from Tabcorp, where Funke Kupper served at the time as CEO, was allegedly made to a consulting company connected to a sister of Cambodian Prime Minister Hun Sen. Australian and US laws make it illegal to give any benefit to a foreign official or their representative in order to obtain a business advantage.

A Cambodian government official has since dismissed the allegations as “baseless” and untrue.“I think that these allegations are baseless,” he said. “The PM has no habit of receiving cash from anywhere or anyone,” said Phay Siphan, spokesperson for the Council of Ministers.