ASX chief quits amid bribery probe
The chief executive of ASX, Australia's main securities exchange, has quit amid an investigation into the company he previously headed, gaming group Tabcorp, over foreign bribery allegations.
Elmer Funke Kupper's resignation is effective immediately, ASX said Monday. He had been managing director and chief executive of the exchange since October 2011.
“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,” said the ASX statement.
Funke Kupper was previously in charge at Tabcorp, Australia’s biggest bookmaker, when in early 2010 the company allegedly paid A$200,000 ($151,000) to the family of Hun Sen, Cambodia’s prime minister.
Australian media revealed last week the payment was being examined by Australian and overseas anti-bribery agencies.
ASX chairman Rick Holliday-Smith will take on an executive role while a national and international search is undertaken for a new managing director and chief executive, the group added.
Found this useful?
Take a complimentary trial of the FOW Marketing Intelligence Platform – the comprehensive source of news and analysis across the buy- and sell- side.
Gain access to:
- A single source of in-depth news, insight and analysis across Asset Management, Securities Finance, Custody, Fund Services and Derivatives
- Our interactive database, optimized to enable you to summarise data and build graphs outlining market activity
- Exclusive whitepapers, supplements and industry analysis curated and published by Futures & Options World
- Breaking news, daily and weekly alerts on the markets most relevant to you
