Former Amaya CEO Sells Shares Amid Insider Trading Trial
Amaya is the world’s biggest publicly listed online gambling company which produces gaming products such as online casino, poker, sportsbook, slot machines software etc.
The company was rocked by a scandal not long ago when it was revealed that former CEO David Baazov was accused of illegal trades during his six-time stint in charge of the Canadian gaming powerhouse. Baazov and his close associates are charged with illegal business in 2014 when they traded the company’s stock ahead of the $4.9 billion takeover of Rational Group.
Baazov had proposed to buy Amaya in the meantime, but walked away from the bid last December as the scandalous revelations cast a shadow on his reputation. His spell with Amaya Inc. came to a close in August 2016 as Baazov pleaded not guilty to all of the charges in the case.
In the latest development regarding the former Amaya CEO, David Baazov is preparing to face the High Court in November, but as he awaits the Insider Trading trial, former executive and founder of the company has sold 30% of the shares he held in this online gambling firm last week.
Former Amaya CEO sold 7 million Amaya common shares for the composite index for $19 per share which totaled in CA $133 million – $99 million.
Baazov was left with some 17.6 million shares in the disposition, which roughly translates into 12.1% of the company.
In the meantime, Amaya Inc. has announced that it has restructured the company’s US dollar and Euro-tied loans in an effort to free up the cash flow. Such refinancing agreement provision is intended to help Amaya distance itself from Baazov and to make sure former CEO was prevented from launching any future bid to purchase the company.