Dubai Investor Files a Lawsuit Against David Baazov
It looks David Baazov will once again appear in court after an investor from Dubai accused him of using his name to attract financial support for his takeover of Amaya.
The president of KBC Aldini Capital, Kalali Lal, filed the lawsuit against the former Amaya Gaming Chief Executive Officer back in January, while the charges include Baazov’s financial partner Canaccord Genuity.
Baazov Facing More Problems
According to the lawsuit, Baazov and Canaccord Genuity falsified Lal’s name and his signature to find support for the 2016 bid to purchase Amaya.
Baazov decline started in March last year when he was accused of insider trading. However, that didn’t stop him from making a $24 per share offer to buy a controlling in Amaya.
He stated his bid was supported by $3.65 billion in financial commitments from several sides, including Emirati-based KBC Aldini Capital. Lal quickly made a public statement, denying the involvement of his company in the acquisition. Baazov plans didn’t go as expected, and the Amaya takeover bid soon fell through.
Lal Seeks Justice
Lal was adamant he had absolutely no connection whatsoever with Baazov. He also contacted Canaccord and asked them for a copy of the letter his investment fund allegedly sent to Baazov, but Canaccord failed to respond to his inquiry.
According to Lal, the whole affair caused a lot of problems to him and his company, especially since the majority of KBC’s business partners were Muslim. He decided to take legal action against Baazov and Canaccord to clarify the situation because the association with a gambling company caused problems for the firm and him personally.
In the wake of the Baazov trial and subsequent negative media attention, Amaya – the owner of the online gambling giant PokerStars – changed its name to The Stars Group earlier this year.