Former Tabcorp CEO Online Gambling Bribe Scandal

Published Tuesday, March 22, 2016 -
Former Tabcorp CEO Online Gambling Bribe Scandal

Tilting the scales with bribes for contracts seems to be more common among business leaders than ever before. The top executives were involved in the Olympic scandal recently sent shock waves through the international sports community and the internet betting world.

An article posted by The Associated Press recently pointed to the corruption in yet another area of commerce with the resignation of Australian Securities Exchange CEO Elmer Funke Kupper. Funke Kupper has denied any wrong doing after being accused of bribing the family of Cambodia's prime minister to obtain a contract for a gambling enterprise he ran then called Tabcorp.

The resignation was immediate said ASX chairman Rick Holliday-Smith.  A report published by Australia's Fairfax newspaper is the given source of the information concerning an alleged $200,000 AUD payment made to a consulting firm with links to Cambodian Prime Minister Hun Sen's family back in 2010.

The Australian Federal Police confirmed it is investigating Tabcorp as to whether it contravened any foreign bribery statutes.

Holliday-Smith stated, "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,"

Funke Kupper, has been the CEO of the ASX since 2011, and commented to the Fairfax reporter that he couldn't recall any such payment. Tabcorp was reportedly making an effort to launch an online gambling operation in Cambodia and confirmed that it had explored a business relationship with Cambodia in 2009, but ultimately chose not to pursue the opportunity.

Funke Kupper spoke to the Australian Financial Review about the resignation commenting, "I have not been told I am being investigated," he added, "My job is to take control of the situation. I am not doing this because I have done anything wrong under the law."



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