SBC News Voice of the Sports Betting Industry
Canada’s High Court has set a 20 November date for the ‘insider trading’ trial of former Amaya Inc CEO David Baazov by Quebec securities regulator Autorité des marchés financiers (AMF).
Baazov faces 23-charges of illegal trades carried out over a six-year period as CEO of Amaya Inc. The AMF states that Baazov and twelve close associates had created a ‘sophisticated network’ for the purpose of executing ‘insider trades’, while in possession of privileged information, influencing or attempting to influence the market price of Amaya securities’.
Bringing Baazov to court, Canadian news sources report that this will be the biggest insider trading investigation in the country’s corporate history. The AMF is said to be calling some 50 witnesses, including a dozen who do not reside in Canada and who may be allowed to testify via videoconference.
The AMF has further confirmed that representatives of Amaya key financier Canaccord Genuity Securities will be asked to take a stand on Baazov’s hearings.
Baazov and associates have pleaded not guilty to the charges. In August 2016 Baazov cut all-ties with Amaya Inc, removing himself as official leader of the TSX-listed firm. Furthermore, In November 2016 Baazov would end his pursuit of management takeover of Amaya assets, stating that he could not meet ‘premium investor demands’.
Have been issued the official court date of Baazov and associates, Canadian business news sources have speculated that the trial will likely last some months due to the large number of witnesses called upon and ambiguous nature of the insider trading charges.
