ASIC boss backs Funke Kupper in face of bribery scandal
AM By AM business editor Peter Ryan
Posted Tue 22 Mar 2016, 8:31am
The chairman of Australia's corporate regulator has taken the unusual
step of publically backing the former chief executive of the Australian
Securities Exchange, who resigned suddenly yesterday in the face of
a bribery scandal.
In a surprise decision, Elmer Funke Kupper quit over allegations
surrounding a $200,000 payment to the family of Cambodia's prime
minister while he was chief executive of the gaming company Tabcorp.
The integrity of listed companies including ASX Limited is overseen by the
Australian Securities and Investments Commission (ASIC).
While not commenting on the Australian Federal Police investigation into
Tabcorp's activities in Cambodia, ASIC boss Greg Medcraft told the ABC's
AM program that Mr Funke Kupper's resignation was a sad loss.
"It's very unfortunate. Elmer is a really creative, talented CEO. I think he's
brought great vision to the ASX. It's actually a sad loss," Mr Medcraft said
on Monday night.
"I can't comment on what's happening there [the police investigation], but
he's chosen to resign and focus on this issue. We must respect him for that.
Clearly he's done what he considers to be the best for the company and
himself."
While choosing his words carefully, Mr Medcraft pointed out the difficulty in
proving foreign bribery allegations.
"These are very difficult cases to prosecute, so I guess we'll just have to
see how this evolves," Mr Medcraft said.
The ABC attempted to contact Mr Funke Kupper but calls were not
returned. However, the former ASX boss has been quoted as saying he
"did nothing wrong" during his time as Tabcorp chief executive.
In a statement released yesterday, ASX chairman Rick Holliday-Smith said
Mr Funke Kupper was giving his "full focus" to the police investigation into Tabcorp.
Mr Funke Kupper was scheduled to be on a panel at ASIC's annual forum in Sydney today but withdrew late yesterday
after news of his resignation broke.
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