Baazov Lawyers Want Amaya Fraud Charges Stayed

Published Sunday, November 26, 2017 -
Baazov Lawyers Want Amaya Fraud Charges Stayed

One of the biggest acquisitions in the online gambling industry’s history has a law suit attached to it that just seems to be taking forever to resolve. The takeover of the Rational Group by Canadian gambling firm Amaya Gaming for an estimated $4.9 billion USD was closed on August 1, 2014, with final payment being made on May 31, 2017.

The deal for the company which produces and offers online gaming products and services including poker, casino and sports book through its online gaming division has had an interesting few years since it was acquired.

Recently rebranded the Stars Group the online gaming division of The Stars Group, is one of the most licensed online gaming companies in the world. It has licences or related approvals to operate from 17 jurisdictions. In March of 2016, the then CEO of Amaya, David Baazov, was charged by Canadian regulators with multiple securities fraud charges. He took an indefinite leave of absence then resigned in August.  On December 20, 2016, Baazov dropped a bid to buy the company.  

The Canadian news source the Globe and Mail reported that Baazov’s law team had filed a motion with the Court of Quebec on October 17 requesting the charges against Baazov to be stayed because the prosecution has been too slow in bringing the case to trial. The Quebec court is set to listen to the defense motion on December 11, the same date the fraud trial is set to begin.

In March in 2016 the Autorité des Marchés Financiers the securities regulator in the province of Quebec accused Baazov and two others of 23 criminal offences related to insider trading. The lawyer for Baazov, Sophie Melchers, has been critical of the regulator’s “piecemeal, disorganized and tardy disclosure of the evidence,” while saying the case “was instituted precipitously, before the investigation was sufficiently advanced and without a significant amount of relevant evidence being gathered, much less analyzed.”



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