Australian police close Tabcorp bribery investigation
The Australian Federal Police have decided to close a three-year inquiry into lotteries and betting operator Tabcorp due to the lack of evidence.
The investigation, which led to the resignation of Chief Executive of the Australian Securities Exchange (ASX) Elmer Funke Kupper, was looking into bribery charges made against Tabcorp Holdings, relating to a $200,000 payment made to family members of Cambodian Prime Minister Hun Sen.
The AFP has since confirmed that it will not investigate the matter further according to Australian media reports, due to insubstantial evidence. Tabcorp, which noted that it had cooperated fully throughout the investigation, welcomed the conclusion of the case.
Australian corporate laws prohibit the paying of foreign officials or industry regulatory stakeholders in order to ‘gain a business advantage or facilitating of services’. The payment was allegedly made in a bid to support the operator’s efforts in gaining a Cambodian sports betting licence.
Tabcorp, at the time of the investigation, emphasised that it had chosen not to launch in the Cambodian market.
During the police investigation, Funke Kupper has chosen to place himself under ‘a leave of absence’ as a Tabcorp Holdings corporate director. He had previously served as the company’s CEO, before going on to become the CEO of the ASX in which he later resigned.
Source: SBC News
