Logo of Phnom Penh Post newspaper Phnom Penh Post - ASX head resigns to focus on graft probe

ASX head resigns to focus on graft probe

Boards displaying stock movements are seen inside an Australian Securities Exchange in downtown Sydney in 2014. AFP
Boards displaying stock movements are seen inside an Australian Securities Exchange in downtown Sydney in 2014. AFP

ASX head resigns to focus on graft probe

Managing director and CEO of the Australian Securities Exchange (ASX) Elmer Funke Kupper resigned from his position yesterday, after the Australian Federal Police revealed last week that it was investigating Tabcorp – a firm Kupper led from 2007 to 2011 – for allegations of foreign bribery.

The announcement, which was made by the ASX’s chairman Rick Holiday-Smith after market hours, said Funke Kupper resigned from his position because he wanted to “focus” on the investigation into Tabcorp, which allegedly made a $200,000 payment to Prime Minister Hun Sen’s family in 2010.

“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,” the press release said.

Funke Kupper had been with ASX since leaving Tabcorp in 2011, with the statement adding that the ASX will now begin the search for a new managing director and CEO.

In a separate release from Tabcorp yesterday, the firm stated that Funke Kupper had been granted a leave of absence from its board of directors, where he was a non-executive director since 2012, adding that his request was “in accordance with the highest professional and governance standards”.

A Fairfax media report last week claimed that Tabcorp made the large payment to a firm run by Prime Minister Hun Sen’s sister in 2010 via a consultant in the United States and in return for a gaming licence in Cambodia. At the time, the firm was exploring the possibility of setting up an online sports betting operation, but did not follow through on those plans.

MOST VIEWED

  • First deportees of the year touch down in Cambodia

    Twenty-five Cambodian-Americans landed in Phnom Penh on Wednesday, marking the first such deportations of the year. “On Wednesday, US law enforcement authorities deported 25 Cambodian nationals that immigration judges determined had no legal basis to remain in the US,” said Arend Zwartjes, spokesperson for the US

  • Qatar Airways to connect Doha and Siem Reap town

    Qatar Airways Company QCSC has announced a new route connecting Qatar’s capital Doha with Siem Reap, a move hailed by local officials as a significant step to boost tourist numbers. A Qatar Airways representative, speaking at the Kuwait Aviation Show, announced on Thursday that

  • Sokha defence denies Tech’s claims

    ON DAY two of Kem Sokha’s treason trial, lawyers for the government said the defence had raised questions in an attempt to allow their client to make a public statement and a conclusion to the case, something his legal team denied. Ky Tech, a

  • Cambodian general visits Myanmar to enhance national defence cooperation

    Royal Cambodian Armed Forces (RCAF) commander-in-chief Vong Pisen is now in Myanmar leading a delegation that aims to improve ties, particularly in national defence, with the fellow Asean member. The timing of Pisen’s four-day visit to the Southeast Asian neighbour is highly symbolic, with

  • Probe underway after wreckage of drone with Chinese characters found

    Air Force Command spokesman Prak Sokha said on Sunday that investigations are underway regarding the wreckage of a drone that was recovered in Koh Kong province’s Koh Sdech commune in Kiri Sakor district. The wreckage has been taken to the capital for further examination,

  • Sokha’s treason trial begins

    The treason trial of Supreme Court-dissolved Cambodia National Rescue Party (CNRP) president Kem Sokha began at the Phnom Penh Municipal Court on Wednesday with the presentation of a two-minute video clip. The footage, which was the basis of the charge against him, was dismissed by