The CEO of Amaya Gaming is facing charges of insider trading after a lengthy investigation by the Autorité des marchés financiers in Quebec related to the company's acquisition of The Rational Group.
The charges are personally related to Baazov and do not pertain to the company's directors, shareholders, or Amaya itself. Baazov himself has the support of Amaya's board members, and they expect the executive to exonerated in the case.
A company statement on the matter read: "The charges relating to communicating privileged information involve allegations relating to a former financial advisor to Amaya, and the charges relating to influencing or attempting to influence the market price of Amaya securities involve allegations relating to that same advisor and an employee."
Amaya's Lead Director and board member Dave Gadhia also commented on the matter, noting: "David Baazov has the full support of the independent members of the board. As noted previously, Amaya conducted an external internal review, supervised by its independent board members with the assistance of external legal counsel from Osler, Hoskin & Harcourt LLP in Canada and Greenberg Traurig LLP in the U.S., which thoroughly reviewed the relevant internal activities surrounding the Oldford Group acquisition."
"This review found no evidence of any violations of Canadian securities laws or regulations. The independent members of the board received and reviewed the information and concluded that no action should be taken."