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Elmer Funke Kupper Resigns
Monday, March 21, 2016 : FORMER TABCORP BOSS RESIGNS TO FIGHT CAMBODIAN ONLINE CORRUPTION ALLEGATIONS (Update)
After four-and-a-half years as m.d. of the Australian Securities Exchange, Elmer Funke Kupper steps down.
The announcement last week that Australian federal police are investigating allegations of a Tabcorp bribery attempt to secure Cambodian online gambling approval has been followed by the news that former Tabcorp chief executive and current m.d. of the Australian Securities Exchange, Elmer Funke Kupper, has resigned.
Funke Kupper wanted to “direct his full focus to the investigations which may be made,” ASX chairman Rick Holliday-Smith said in a public statement Monday.
Holliday-Smith will act as executive chairman while ASX looks for Funke Kupper’s replacement. Funke Kupper has been with ASX for the past four-and-a-half years as managing director.
He headed Tabcorp between 2007 and 2011 prior to joining ASX, and there have been allegations that under his stewardship the Australian betting company in 2010 made a questionable payment of A$200,000 as it sought an online gambling licence in Cambodia.
Analysts generally felt that Funke Kupper had done the right thing; one commented:
“Corporate governance is a big thing and people need to have faith and trust in the market. It makes sense for the ASX to let him go if that’s what he needed to do.”
Funke Kupper’s departure at ASX comes as consolidation among global exchanges accelerates. Last week, Deutsche Boerse AG agreed to acquire London Stock Exchange Group plc, a deal that may kick off a bidding war. The merge could create the world’s biggest exchange operator by revenue and second-largest by market value.
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DeltaCorp To Acquire ace2three -
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Two Mega Fortune Dreams Jackpots Hit -
Both Swedish players, the first lucky punter hit a GBP 100,000 jackpot playing on his mobile phone, while the second, identified as Martin, staked just 18p before netting a GBP 60,000 jackpot on the popular series thinking he was playing in demo-mode.
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Betconstruct In Deal With Realistic Games -
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XLMedia Half 1 2016 Earnings Report -
Online gambling marketing company XLMedia, which operates websites driving players to online casino operators, delivered robust interim results for the first half of 2016, attributing its success to investment in technology.
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