Why ASX chief quit $3.5 million a year job

THE head of the Australian Securities Exchange, Elmer Funke Kupper, has resigned from his $3.5 million a year job amidst a bribery investigation being undertaken by the  Federal Police.

"The ASX Board accepted that Elmer wanted to direct his full focus to the investigations which may be made into the Tabcorp matter- and not have them interfere with the important role of leading the ASX," a statement on the ASX read. 

Mr Funke Kupper has also taken a leave of absence from the Tabcorp board as its alleged payments were made by officials at the betting giant to a wealthy Cambodian family in order to try and gain access to the nation's gambling markets.

Fairfax Media revealed last week police were investigating whether a payment by Tabcorp, made while Mr Funke Kupper was the company's chief executive, breached Australia's foreign bribery laws.



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