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UPDATE 1-Amaya CEO Baazov goes on indefinite leave

Published 2016-03-29, 07:52 a/m
© Reuters. UPDATE 1-Amaya CEO Baazov goes on indefinite leave
TSGI
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(Adds details, background)
March 29 (Reuters) - Amaya Inc AYA.TO AYA.O Chief
Executive David Baazov was taking an indefinite paid leave of
absence, the Canadian gambling website operator said, a week
after Baazov was charged with insider trading by Quebec's
securities regulator.
Charges against Baazov come about two months after Amaya
said it had received a non-binding proposal from the chief
executive to take the company private.
Baazov is taking this leave voluntarily to focus on an offer
to buy Amaya and to avoid a distraction for the company while he
responds to the allegations against him by the securities
regulator, Amaya said on Tuesday.
The company named Rafi Ashkenazi, chief executive of Amaya
unit Rational Group, as interim CEO.
Divyesh Gadhia, who chairs a special committee set up to
consider any offer for the company, has been named interim
chairman. Baazov will remain a member of the board, the company
said.
The securities regulator launched an investigation into
Baazov and other executives in 2014 for trading in Amaya's stock
ahead of the company's $4.9 billion takeover of PokerStars-owner
Rational Group.
Amaya said last week it believed the charges against Baazov
were without merit and it expected Baazov to be "fully
exonerated".

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