ASX CEO resigns amid bribery scandal

Elmer Funke Kupper quits amid investigation into the alleged bribery payment made by the gaming company he headed to Cambodia's current prime minister.

Elmer Funke Kupper has resigned as chief executive officer of the Australian Securities Exchange after four and a half years in the post amid allegations of corruption at his previous company.

In a statement on Monday, ASX said Funke Kupper wanted to concentrate his time and attention to dealing with an Australian Federal Police investigation into an alleged foreign bribery payment made by gaming company Tabcorp, which he ran for five years.

"The 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 exchange said.

The Australian gaming company allegedly made a A$200,000 ($150,000) payment to the family of Cambodia's current prime minister, Hun Sen, in 2010 when it was seeking for an online gaming licence in the country.

The payment was made on Funke Kupper’s watch as the CEO of Tabcorp between February 2006 and June 2011. He subsequently joined ASX as CEO in October 2011.

According to a Tabcorp statement, Funke Kupper has also taken a leave of absence from the board of directors until the investigation is completed. He has been a non-executive director of Tabcorp since June 2012.

Rick Holliday-Smith, chairman of ASX, said the exchange will conduct a national and international executive search for a new CEO.

Between 1995 and 2005 Funke Kupper held several senior positions with the Australia and New Zealand Banking Group, including head of risk management, managing director of personal banking and wealth management, and group managing director in Asia Pacific.

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