Former Tabcorp quits current ASX job
The chief, former head of Tabcorp, assured that this decision does not imply he did something unlawfully.
Australia.- Elmer Funke Kupper was the CEO of Tabcorp Holdings –one of the world’s largest publicly listed wagering and gaming operator– in 2010, when the company made apparent illegal arrangements with the Cambodian government. Due to current investigations, Funke Kupper announced yesterday his resignation from his position as the chief and managing director of Australian Securities Exchange (ASX,) a public company of financial activities.
The investigation aims to unveil the relationship with the Australian famous gambling operator and the Cambodia’s prime minister, Hun Sen. The information issued reveals that Tabcorp would’ve paid over US$151,000 (AUS$200,000) for an online gaming licence in the Asian country. Apparently, the operator gave that money to a consulting company which was in contact with the prime minister’s family. Nevertheless, Cambodian government denies every accusation and suggests that charges are baseless. “I have taken this step so that the company is able to build its future,” explained the former CEO. He also asked for a leave of absence from the Tabcorp board of directors.
Meanwhile, ASX has already taken Kupper’s resignation with immediate effect. “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,” commented Ricky Holliday-Smith, ASX’s chairman. Furthermore, Kupper added that his job is to “take control of the situation.” A witness of the Tabcorp’s businesses in Cambodia –Robert Nason, Tabcorp’s executive– defends Funke Kupper arguing that “all investments, anything we would have done, would have gone through proper channels.”
However, the expectations to enter the tempting Asian gambling market, through Luxbet –Tabcorp’s subsidiary– ended in 2011, when Funke Kupper left the company after four years in the position.
