ASX chief Elmer Funke Kupper’s resignation highlights miscalculation of gravity, by Elizabeth Knight, Sydney Morning Herald, 22 March 2016.

An edited extract of the original article is reproduced below.

[*** Note! AusCham and Austrade expect to hold an Anti Bribery Seminar in Hanoi and HCMC, tentatively scheduled for 7 and 10 June 2016.***]

Elmer Funke Kupper has appropriately quit his post as head of the Australian Securities Exchange, thanks to being under a cloud of bribery allegations surrounding his previous role as chief executive of Tabcorp.

He must be clean and be seen to be squeaky clean.

The shock resignation follows an Australian Federal Police probe into his role in a $200,000 alleged bribery by Tabcorp to the family of Cambodian Prime Minister Hun Sen at a time when the company was attempting to get an online gaming licence in that country…

The decision by both companies to underplay the gravity of the allegations was a miscalculation of the importance of Australia’s sovereign value as a clean participant in business.

In particular the ASX, which has the role of overseeing the integrity of securities trading in the Australian securities market, must be a high water mark player in conducting its affairs.

It should have been dealt with appropriately last week by the ASX…

In corporate circles Funke Kupper’s departure is explosive.

He had been on the corporate fast-track trajectory having been an executive at ANZ, the head of Tabcorp and then chief of the ASX…

 

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