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BFCSA: ASIC boss backs Funke Kupper in face of bribery scandal

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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


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.

Follow Peter Ryan on Twitter or on his Main Street blog.

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  • organza
    organza Wednesday, 23 March 2016

    His reputation for being really creative and talented is catching up with him. He clearly does what “he considers to be the best for the company and himsel" by those who employ and pay him to do it. ANZ and Medcraft should know all about that. End of story..

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