asic response to price manipulation

Originally posted by BotKiller ↑

where's there's smoke, there's usually fire, in this case a raging one.

ASX boss Elmer Funke Kupper quits amid Tabcorp investigation

March 21, 2016 5:24pm
Staff WritersNews Corp Australia Network

THE chief of the Australian Securities Exchange (ASX) has abruptly quit in the wake of allegations he was aware of a suspected $200,000 bribe paid by Tabcorp while he was boss of the gambling giant.

The ASX confirmed in a statement on its website that Elmer Funke Kupper had resigned “effective immediately” as managing director and chief executive so he could focus on the Tabcorp police probe.

The Australian Federal Police are investigating allegations that Tabcorp was involved in foreign bribery in Cambodia.
When asked if he knew of an alleged $200,000 payment made to the family of Cambodian Prime Minister Hun Sen while he led Tabcorp, Mr Funke Kupper told Fairfax Media he “can’t recall anything like that”.

The $200,000 was allegedly channelled through the US to Cambodia in early 2010 when Mr Funke Kupper was in charge of Tabcorp. At the time, Mr Funke Kupper was looking at expanding into Asian sports betting markets.

News Corp Australia is not suggesting that Mr Funke Kupper is guilty, only that there is an investigation going on.

The ASX board has appointed chairman Rick Holliday-Smith to take over Mr Funke Kupper’s duties while they embark on a national and international executive search for a new candidate.
“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,” Mr Holliday-Smith said.

Mr Funke Kupper will be paid out in lieu of the notice period in his contract. He had been at the helm of the ASX since October 2011.

“Elmer has demonstrated leadership and energy during his time at ASX. He hands over a stronger team and a core franchise well positioned for future opportunities,” Mr Holliday-Smith said.

“His legacy is a globally competitive, more externally focused company, which is committed to innovation and investment in the customer services and infrastructure that are at the heart of Australia’s financial marketplace.”

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White collar crime is yet to be treated seriously. So far it's rewarded, and the nexus between regulator and industry is so close that soft options are applied. Also it's difficult and expensive to investigate and prosecute a case.

All this while jails are full of small time criminals with mental illnesses and deprived backgrounds.
Those jails are being built and managed under lucrative government contracts, many to listed or overseas companies.

Where is the pressure to change coming from?