Former Amaya CEO David Baazov’s trial in Quebec on insider trading charges has been delayed once again, according to local media reports,which detail an attempt by the defence team to have the charges thrown out on grounds that the prosecution keeps adducing new evidence …specifically nine disclosures in recent weeks – abusing process by not giving them time to study the material properly.
The securities regulator’s investigators have apparently unearthed some of this evidence in interviews with persons allegedly associated with a separate but related Autorité des marches financiers probe.
Ironically, a 2015 interview given by Baazov himself to the AMF before charges were laid is reportedly among the fresh evidence presented and allegedly portrays Baazov claiming there would have been little point in his giving out inside information on the $4.9 billion PokerStars deal because at that stage (mid-2014) it did not appear likely to take place due to investment banker concerns. These were later dispelled by the support of a major hedge fund.
Interrogated on a report that individuals living close to Baazov had mortgaged their home to buy Amaya stock, Baazov dismissed such conduct as “crazy” in the interview.
Other AMF allegations are that privileged information on the PokerStars deal emanating from Baazov found its way the offices of Manulife Securities in Quebec, prompting employees to execute trades in order to cash in on the information, a revelation that Baazov said both surprised and shocked him.
Baazov now claims that it would be improper for his AMF interview to be adduced in evidence because his legal representatives had previously told investigators that he would not discuss the issues with them voluntarily.