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Business

Australian stock exchange boss steps down

The head of Australia's stock exchange resigned Monday amid allegations of bribery at a gambling group he previously ran. Elmer Funke Kupper had been CEO of the Australian Securities Exchange (ASX) since October 2011.

Funke Kupper has also taken a leave of absence from the board of Tabcorp, Australia's largest bookmaker, which is currently being investigated by the Australian Federal Police.

The allegations center on a payment of $151,460 (134,535 euros) to the bookmaker by relatives of Cambodia's Prime Minister Hen Sen. Tabcorp, a publicly listed company, had reportedly been looking to expand into the country.

Funke Kupper told the media last week that he had no recollection of such a payment during his four years at the helm of Tabcorp, which said it did not pursue the expansion opportunity in Cambodia.

ASX chairman Rick Holliday-Smith said 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".

A statement by the ASX announced that Rick Holliday-Smith will take over Funke Kupper's duties until a replacement is found.

AFP, ASX (hch/bea)

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