The AFP ends the probe against Tabcorp.
Following an extensive probe by the Australian Federal Police (AFP), they have revealed plans to conclude their investigation into the Melbourne-based gambling conglomerate, Tabcorp Holdings. The decision to shut down the investigation stems from a lack of incriminating evidence tying Tabcorp to a scheme where they made illicit payments to the Cambodian government in order to secure an online sports betting license.
Insufficient Evidence
The AFP recently declared that they were unable to produce any substantial proof of misconduct by Tabcorp as it relates to the alleged bribery of the Cambodian government officials. Reports claim that this issue was initially uncovered in 2009, with payments said to have been made totaling AUD 200,000 (roughly EUR 124,000) to a company linked to the Prime Minister of Cambodia.
The spokesperson for the AFP noted:
"In late 2012, the Federal Police started an investigation into Australian company Tabcorp about allegations of foreign bribery concerning alleged payments to Cambodian government officials in 2009 and 2010. In 2019, the AFP reviewed this investigation in depth and determined that there was no way to secure the necessary evidence for a successful prosecution. As such, the AFP regards this case as officially closed."
Tabcorp's Position
Initially, accusations were levied against Tabcorp, a publicly listed company in the Australian Stock Exchange, that they had passed on a sum of AUD 200,000 to a Cambodian firm purportedly connected to the Prime Minister of Cambodia, Hun Sen. The alleged payments had been intended to secure an online sports betting license for Tabcorp. However, Tabcorp has persistently denied the allegations since their emergence in 2016, claiming they were merely assessing potential business opportunities in Asia during the time in question. Their online business had been incepted but not fully materialized due to market restructuring at the time.
Following public outrage after the allegations surfaced, Tabcorp's then-CEO, Elmer Funke Kupper, resigned from his position. He defended himself a week later by suggesting that the media was responsible for trying to damage his reputation. Kupper stated:
"It's unjust and undeserving, it's a process caused by the media. But it is also part of my responsibility as head of one of Australia's most important institutions, the ax. But now I will overcome it. This process is devastating my life. For me, this means that I must rise above it."
Following the decision to drop the investigation, Kupper issued a statement of relief. "I am pleased that the case has been concluded and look forward to working in the Australian business community again at some point," he expressed. Additionally, a spokesperson from Tabcorp stated they had provided full cooperation to the authorities throughout the process, and thereby welcomed the conclusion of the investigation. The company's stock price at AU$ 4.77 remained unaffected by the announcement.
Tabcorp's Feats
Tabcorp Holdings, one of Australia's largest gambling enterprises, announced revenues of around EUR 1.4 billion last year, employing 3,000 individuals across more than 3,000 betting outlets. It also dabbled in the online betting space and owns Sky Racing, a television network.
Cambodian Government Declares Relief
The Cambodian government is also relieved that the case against Tabcorp has been closed. The authorities have consistently refuted the accusations for many years. Prior to this, there had been worry over potentially significant harm to Hun Sen's reputation, who has held office since 1985.
Cambodia's intention is to further cultivate the gambling sector. To align with the growing Asian casino market, namely Macau, the nation is currently working on building a mega-casino in Phnom Penh, its capital city.
Australia's Gambling Companies Under Scrutiny
While the Tabcorp affair seems to have drawn to a close, another Australian casino company, Crown Resorts, is under fire. Reports claim that Crown collaborated with criminal organizations in China to attract Chinese VIP players with vast wealth to its casinos. Suspicions of money laundering also stirred debate, with amounts exceeding millions under review. Crown continues to maintain its innocence and the investigation persists.
In addition to the other two Crown licenses being questioned, there's also danger for the third one since early September. This license, issued in 2014 for constructing a casino resort in Barangaroo, Sydney, is being reviewed for legal issues. The cause for concern is the sale of a 20% shareholding to casino magnate Lawrence Ho from Hong Kong. His father has been rumored to have collaborated with the Chinese mafia in the past. The investigation into this allegation is still ongoing.
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Source: www.onlinecasinosdeutschland.com
