David Baazov to Step Down at Amaya For Now, as Allegations Mount

David Baazov to Step Down at Amaya For Now, as Allegations Mount

David Baazov will need a temporary break from his obligations as the CEO and president of Amaya, the business announced today. The Canadian gaming conglomerate stated in a presser that Baazov, whom is facing five as-yet-unproven charges of insider trading, is replaced in the interim by Rafi Ashkenazi as CEO, and Divyesh Gadhia as president.

David Baazov is taking an indefinite leave of absence from their responsibilities as CEO and president at Amaya. The company has conceded so it has to take the latest allegations ‘seriously.’

Ashkenazi is the recently appointed CEO of Rational Group, while Gadhia has been an Amaya director since 2010. Gahdia also chairs the ‘Special Committee’ of independent directors established on February 1 to oversee Baazov’s private takeover purchase proposal.

Baazov’s decision is ‘voluntary,’ according to Amaya, and will give him the opportunity ‘to focus on preparing an offer to get Amaya and to avoid a distraction for the company .

The message is that Baazov’s bid to take the company private is still into the pipeline, however unlikely it now seems to an observer that is outside. Meanwhile, the reshuffle within the board space implies that the Board’s faith in its chairman and CEO been shaken by the sudden broadening of the range for the AMF investigation.

Baazov ‘Main Provider’ of Privileged Information

Amaya’s previously stated faith that Baazov would be exonerated was based, it appears, on the outcome of an investigation by the separate third-party made at the behest of Amaya.

Apparently believing that the AMF investigation related only to the trading of securities instantly ahead of the acquisition of PokerStars and its particular parent the Oldford Group, the business asked two law that is independent to check into the matter thoroughly. The subsequent investigation switched up nothing unlawful.

But it has since been revealed that the regulator’s inquiries reach far beyond the purchase of the Oldford Group, back as far as 2011 and Amaya’s takeover of Cryptologic. The AMF alleges that Baazov had been the ‘main source’ of privileged information, that has been allegedly provided around a network of friends, family, and business associates over a time period of five years.

Brand New Allegations ‘Beyond Scope’ of Internal Investigation

On Tuesday, Amaya acknowledged that ‘additional AMF investigations into the so-called conduct of Mr. Baazov and others’ were ‘beyond the scope of the charges and of the internal investigation referred to’ in last week’s announcement of support.

‘While none of these allegations have already been proven,’ it added, ‘the Board takes them seriously and has expanded the mandate of the Special Committee to research these additional matters.’

‘As constantly, I continue being dedicated to doing the right thing for Amaya and all sorts of its stakeholders,’ said Baazov into the Tuesday’s Amaya presser. ‘I believe that stepping down for the short term will help to avoid distraction for the company and its management against me personally and pursue my bid to obtain the company. while I vigorously contest all allegations made’

Wynn-Wynn Face Off Will Stay No Win for One Wynn in Wynn Resorts Share Battle

Casino mogul Steve Wynn, 74, and his wife that is first Elaine 73, are engulfed in a full-blown War of the Roses over the Wynn Resorts kingdom. Ex-wife Elaine is suing the mogul so that they can wrestle back control associated with stock into the multibillion-dollar business.

War associated with the Roses: Steve and Elaine in happier times. The couple that is twice-married-and-divorced now locked in a bitter custody dispute over Wynn Resorts shares. (Image: zimbio.com)

As well as in war between two Wynns, someone needs to lose.

Ms. Wynn is wanting to regain control of her near 10 percent stake in Wynn Resorts, currently worth some $900 million.

The filing in the State Court of Nevada seeks to void a 2010 shareholder contract which, included in an amicable divorce deal that same year, ceded Elaine’s voting control of her shares back to her ex-husband, and also restricted her ability to sell them.

The lawsuit demands compensatory and punitive damages for, among other things, Mr. Wynn’s failure to help his ex-wife’s reelection to the board of Wynn Resorts year that is last.

Trouble Brewing

The Wynns, who founded the video gaming empire together in 2000, first hitched in 1963, divorced in 1986, then remarried in 1991, before divorcing again this year.

The couple split their stakes evenly, while Steve agreed to always reelect his ex-wife to the board of directors as part of the 2010 settlement.

But Elaine filed against her twice-ex in 2012, her first attempt to void the offer. This ended up being not in the interests of the shareholders, argued Steve, also noting that her push back relieved him of his obligation to vote for his ex-wife as a director that is perpetual. And thus, in April of last year, the Mrs. that is former Wynn booted from the board.

Fast ahead almost a year, and things have gotten really nasty between the former couple.

Careless Accusations

Elaine’s lawsuit accuses Mr. Wynn of indulging in ‘reckless, risk-taking behavior’ that may harm the business and expose it to damaging litigation.

‘Elaine Wynn desires exactly what is rightfully hers,’ said Robert Siegfried, a spokesman for the once-missus. ‘She is exceedingly concerned based on her knowledge that is well-founded of company about the lack of corporate governance that’s been rampant.’

Steve Wynn, as yet not known to shy from battle, shot right back at his ex-wife via an interview with The Wall Street Journal on Monday.

‘There will likely be comeuppance for that he said as you will see shortly. ‘I’ve tried everything under the sun to help out, and nothing spent some time working. That is not unusual in the global world of divorces.’

Managing Stakes

In a statement that is official Wynn Resorts added its two cents to the warfare.

‘This lawsuit is filled with lies and distortions and is an embarrassment to Ms. Wynn and her counsel. That is simply an effort to inflict pain that is personal Mr. Wynn. Ms. Wynn is a disappointed ex-wife who is seeking to tarnish the reputation of Wynn Resorts and Steve Wynn and their daughters.’

Steve states that he cannot allow Elaine away from the 2010 settlement, because he would risk ceding control of the company, which will be damaging to its future and the interests of shareholders.

Ms. Wynn owns 9.8 percent of Wynn Resorts, while Mr. Wynn now owns 11.8 %. But since the 2012 ousting of major shareholder and co-founder Kazuo Okada, who had additionally ceded control to Steve, two investment organizations, Northern Cross LLC and Southern Easter Asset Management, now own more of the business than the two Wynns do together.

NCAA Final Four Odds: Will Syracuse’s Cinderella Story Keep?

Villanova, Oklahoma, Syracuse, and UNC will play on Saturday for the chance at reaching the NCAA men’s basketball championship game, together with Final Four chances hint that the weekend ahead could be one for the ages. (Image: ncaa.com)

The NCAA Final Four it’s likely that set, and when Las Vegas is correct, fans have been in store for the nail-biter and another that might get a little bit ugly.

After two weeks of tournament play, March Madness is down to no. 1 North Carolina out of the East region, #10 Syracuse out of the Midwest, number 2 Villanova from the Southern, and #2 Oklahoma coming from the West.

The two games take destination this in Houston in a doubleheader that tips off at 6:09 pm ET saturday.

The Wildcats is played by the sooners first, with the Tar Heels and Orange as the nightcap.

Going into the tournament, perhaps the experts struggled to come quickly to an understanding on which teams would reach Texas.

Without any clear favorite, UNC, Villanova, and Oklahoma come as no real surprise in reaching the Final Four. All three were ranked #1 in the Associated Press poll at some point during the regular period.

What is surprising is the newfound success Syracuse has discovered, a group that went 9-9 in ACC conference play but has surged at precisely the right time.

#1 UNC vs. #10 Syracuse

The Tar that is 32-6 Heels in Houston as the heavy Las Vegas favorite to win the NCAA Men’s Basketball Championship. Led by the most offense that is efficient the nation, the consensus in Nevada has UNC at 5/7 to win the title.

As for Saturday’s contest, the books believe UNC will cruise up to a somewhat effortless win over Syracuse, the Tar Heels presently spotting the Orange 10 points. Many university basketball analysts agree totally that Carolina’s high-powered offense, which includes, at the very least, four players of the lineup that is starting in double figures in each tournament game, is going to be simply too much for the team from New York to overcome.

But Syracuse (23-13) was in this role that is underdog much for the tournament, & most recently came back from 14 down in the Elite Eight to beat #1 seed Virginia.

Listed at 1,000-1 at the Westgate SuperBook to win the title in January, a devoted syracuse fan took the opportunity and placed a $100 bet. Should the Orange winnings two more games, that fan will be rewarded $100,100 for his loyalty.

#2 Villanova vs. #2 Oklahoma

Expected to be the closer game of the 2, Villanova (33-5) and Oklahoma (29-7) is anyone’s guess. Vegas has the Wildcats as the slight favorite by giving two points to the Sooners, but that certainly won’t bring any comfort to Jay Wright’s Villanova squad.

Both teams were forced to conquer their area’s top-ranked seed, the Wildcats topping Kansas 64-59 and the Sooners Oregon that is beating 80-68. According to ESPN’s Basketball Poker Index, a rating system that analyzes information, Villanova has a 50.3 chance that is percent of to Oklahoma’s 49.7 per cent.

The two squads are playing exactly what is possibly their ball that is best regarding the season, and also the showdown on paper appears to be prepared to write an instant classic.

But, there’s a reason the tournament comes labeled as ‘madness.’

The best bet may be to throw out dozens of NCAA Final Four odds and opt for your gut since the only thing become anticipated in March Madness could be the unforeseen.

Kim Wong, Alleged Mastermind of New York Fed Reserve Heist, Gives Testimony in Philippines Senate

Kim Wong, president of the Eastern Hawaii Casino into the Cagayan Economic Zone, showed up at a Philippines Senate hearing on Tuesday to provide his testimony on events surrounding the theft of an incredible number of bucks from the New York Federal Reserve Bank back in February.

Kim Wong, president of Eastern Hawaii Casino in the Philippines, testifying at Tuesday’s Filipino Senate hearing on the New York Federal Reserve cyber heist. He claims it was orchestrated by two rollers that are high owed him money. (Image: AP/Aaron Favila)

On February 5, hackers sent requests that are numerous the bank to transfer almost $1 billion from an account utilized by the Bangladeshi government into accounts with fake names at Filipino bank RCBC.

Four of the requests, totaling $81 million, were processed before the breach was discovered.

Around $46 million had been then delivered via remittance solution Philrem to the minimally regulated Filipino casino industry, specifically Bloomberry Resorts’ Manila-based Solaire Resort and Casino, and Wong’s Eastern Hawaii Casino.

Wong Denial

Wong, whose actual name that is chinese Kam Sin Wong, has been accused by Filipino politicians to be the ‘orchestrator’ and ‘mastermind’ of the heist, which he denies. Last week, authorities filed unlawful complaints against the casino executive, accusing him of withdrawing around $21.6 million of the funds from his personal and business accounts.

Meanwhile, junket operator Weikang Xu is accused of getting $30 million from one of the RCBC accounts and of passing $29 million with this on to Solaire.

Also in attendance during the hearing this were representatives of Solaire and the remittance company Philrem week.

Wong, who claims he is innocent of the fees against him, told the hearing that the cash was brought into the Philippines by two casino junket agents and high-rolling gamblers named Gao Shuhua and Ding Zhize.

Wong said that Gao launched the bogus RCBC accounts in May during a meeting with RCBC branch Maia Deguito, at Wong’s workplace. According to the Eastern Hawaii casino president, Gao said he needed the accounts for a large amount of cash, obtained from the sale of land in Asia, which he wished to invest in Manila.

Deguito, who authorized the transfer regarding the funds to payment processor Philem, despite a notice to stop re payments through the Federal Reserve, has claimed previously that Wong individually asked her to start the records, and that she agreed to process the transactions because her family had been threatened.

$7.8 Million Could Still Be Restored

Wong said that the high rollers owed him around $10 million from gambling debts, which is exactly how a number of the funds wound up in his accounts, while the rest was used to buy gambling chips for VIP junket clients.

The executive additionally said that $5 million had been provided for him by Philem, of which $4.6 million remains. The Senate was told by him that this cash is sitting in a junket account at Solaire, a sum he has wanted to return. Wong additionally claimed that $17 million continues to be with Philrem, an allegation rejected by the company’s owners during the hearing.

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