News emerged this week that former Amaya CEO David Baazov, already facing a November criminal court appearance for insider trading, is also the subject of a Dubai litigation by investment firm KBC Aldini Capital.
The Dubai action was reportedly filed earlier this year by KBC Aldini Capital president Kalani Lal and relates to attempts by Baazov, who had recently stepped down as CEO at Amaya, to take the company over in late 2016.
InfoPowa readers may recall that at the time there were questions around the veracity of Baazov's claims that KBC Aldini Capital was one of his backers in the attempt, which ultimately failed.
Canadian media reports this week reveal that the Dubai action accuses Baazov and investment specialists Canaccord Genuity of fraudulently claiming in SEC filings that Lal and/or KBC Aldini Capital were among the backers in his move on Amaya when they were not associated with either him or the project in any way.
Baazov withdrew his claims regarding Lal and the company when Lal publicly repudiated his claims.
The Dubai filing has not escaped the attention of Quebec securities regulator Autorité des marchés financiers (AMF), which has been spearheading the investigations and charges of insider trading against Baazov and two associates for more than two years.
Canadian press reports indicate that the AMF has been in contact with KBC Aldini Capital during its investigations, subsequently reporting that Lal's company clientele is largely Muslim, which precludes the company from becoming involved in investments in gambling enterprises on pain of losing business.
Apparently AMF investigators were told that following the Baazov SEC declaration, KBC Aldini Capital received a significant number of calls from its clients expressing their concerns.