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Australia stock exchange boss resigns amid bribery probe | Australia stock exchange boss resigns amid bribery probe |
(35 minutes later) | |
The head of Australia's stock exchange Elmer Funke-Kupper has resigned amid allegations of bribery at a betting company he used to run. | |
He's also taken a leave of absence from the board of Tabcorp, Australia's biggest bookmaker, and the company under investigation. | He's also taken a leave of absence from the board of Tabcorp, Australia's biggest bookmaker, and the company under investigation. |
Tabcorp allegedly paid Cambodian Prime Minister Hun Sen's family as part of its expansion efforts. | Tabcorp allegedly paid Cambodian Prime Minister Hun Sen's family as part of its expansion efforts. |
Last week, Mr Funke-Kupper said he had no memory of the payment. | Last week, Mr Funke-Kupper said he had no memory of the payment. |
Australian Securities Exchange (ASX) chairman Rick Holliday-Smith will become the bourse's interim chief executive until a replacement is found. | Australian Securities Exchange (ASX) chairman Rick Holliday-Smith will become the bourse's interim chief executive until a replacement is found. |
"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," Mr Holliday-Smith said in a statement. | "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," Mr Holliday-Smith said in a statement. |
Mr Funke-Kupper was chief executive at Tabcorp from 2007 to 2011. | Mr Funke-Kupper was chief executive at Tabcorp from 2007 to 2011. |
The allegations centre on a A$200,000 (£105,000;$151,000) payment to Cambodia in early 2010. | The allegations centre on a A$200,000 (£105,000;$151,000) payment to Cambodia in early 2010. |
Tabcorp had reportedly been looking into entering Cambodia's lucrative online gaming business ahead of the 2010 Fifa World Cup but has since abandoned the effort. | Tabcorp had reportedly been looking into entering Cambodia's lucrative online gaming business ahead of the 2010 Fifa World Cup but has since abandoned the effort. |
In an interview with Australia's Fairfax media last week, Mr Funke-Kupper said he had no memory of the payment and that he had no intention of resigning from the ASX, which he joined in October 2011. | In an interview with Australia's Fairfax media last week, Mr Funke-Kupper said he had no memory of the payment and that he had no intention of resigning from the ASX, which he joined in October 2011. |
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