The former head of Australian gambling giant, Elmer Funke Kupper has stepped down from his role as the chief of Australian Securities Exchange (ASX) as bribery charges against home are probed.
Under investigation are claims that Kupper, as head of Tabcorp, paid the family of Cambodian Prime Miniser, Hun Sen, a bribe in exchange for arranging a gambling license in the Asian nation.
According to reports, Kupper paid the Cambodians around $200,000 to obtain the license to enter the market through its subsidiary Luxbet in 2010. A year later, plans to launch online sports betting in Cambodia were shelved.
The Cambodian Prime Minister has called the bribery allegations "baseless".
Tabcorp Fully Cooperating
Last week, Tabcorp confirmed that it was the subject of an investigation by the Australian Federal Police.
"Today we were advised by the AFP that they have commenced an investigation in relation to this matter," said the group in a statement. "Tabcorp will fully cooperate with the investigation."
The federal police issued their own statement, saying: "The AFP can confirm it is conducting an investigation into allegations of foreign bribery relating to an Australian company [Tabcorp]. The AFP works closely with domestic and international partners in investigating allegations of foreign bribery. As the investigation is currently ongoing the AFP will not be commenting further at this time."
Tabcorp on Entering Cambodian Market
According to Tabcorp, a small team, including Kupper studied the option of expanding into Asia's sports betting market but chose not to pursue the "opportunity".
"The business was never operational," said Tabcorp.
Kupper, who took on the role of chief executive of the ASX, also retains a board role with Tabcorp.
He refused to comment on the allegations brought against him, saying only: "I can't recall anything like that. You should always contact the company in relation to those matters."