David Bhazov Is Accused Of Unlawful Use Of Confidential Information

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January 10, 2022
3 minutes

Commission for the control of the securities market in quebec on wednesday, it stated that she put forward charges against david baazov – the director of amaya, which owns the largest brands in the field of online poker pokerstars and full tilt poker. Writes forbes about it.

David Bhazov Is Accused of Unlawful Use Of Confidential Information

Regulating authority autoriteddes marches financials filed five administrative claims against baazova for what he was engaged «feedback in bidding, owning confidential information». Also, the director is attributed to the influence or attempt to influence the market value of the shares of the montreal company amaya and the disclosure of confidential information.

Regulators of the securities market in quebec, however, did not declare that baazov received personal profits from dubious actions, but, «owning confidential information», assist benjamin ahdutu – amaya employee – and yoel altmana.

Bhazov published a statement in which he denies unlawful actions and reports the plans to protest the charges.

«Bhazov denies accusations to his side, and amaya considers them unreasonable and hopes that mr. Bhazov will be fully justified, – speaks in the statement of the organization. – amaya expects a lawsuit that the company will not affect the management and normal business activity of the company».

The board of directors of amaya also supported the director general and the founder: «david bhazov can be confident in the full support of independent members of the board of directors», – reported dave gadhia – senior director and independent member of the board.

Amaya shares on wednesday fell by about 20%. The blackstone group recently support for the blackstone group recently was able to launch the pokerstars service in new jersey, where online gambling is officially regulated. Pokerstars, a long time encountered with problematic issues, tried to enter the american market since 2011, when federal prosecutors closed her business in the american market, joined the company and accused her co-founder.

Buying baazov pokerstars for $ 4.9 billion in 2014 was supposed to «reboot» giant online gambling and free it from problematic issues. However, it was this deal that prompted regulators in quebecc to start an investigation against amaya, associated with large bidding of the company’s share a few months beforement.

But the commission on securities control in quebec is investigating not only the acquisition of pokerstars. On wednesday, regulators reported that search orders were issued and decisions were received for the termination of trading operations were allegedly engaged in trading various securities in 2011, including amaya. At the same time, they owned confidential information and received about $ 1.5 million profits.

«The autoridedes marches financial commission suggests that these persons were engaged in trading operations, possessing confidential information or data from the leakage channels relating to potential mergers and acquisition transactions in t.C. Amaya», – the statement of the regulator quebec.

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