Corporate and M&A

Contact: Audine Bartlett, Senior Associate; Carter Newell (Queensland, Australia)

Corruption in the upper echelons of the corporate world has resurfaced with the recent resignation of ASX Chief Executive, Elmer Funke Kupper (Kupper).

Kupper’s sudden resignation was in response to an Australian Federal Police cross border bribery investigation into Tabcorp’s 2010 payment via the US banking system of $200,000 to a ‘consulting firm’ connected to the family of the Cambodian Prime Minister, Hun Sen. The payment took place whilst Kupper was Chief Executive of Tabcorp and he had allegedly been warned by senior Tabcorp staff about the legal and integrity risks relating to the payment. At the time of the alleged offence, Tabcorp was planning to launch an online sports betting platform in Cambodia and required Government backing to gain entry into the market.

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