Former Amaya chief sells more shares in the company

Following his announcement Thursday that he had just sold off a further 12 million shares in online gambling group Amaya, the company’s former CEO and founder David Baazov is wealthier to the tune of Cdn$ 267.7 million, letting the shares go at an average price of Cdn$ 267.7 million.

Baazov, who stepped down last year to fight charges related to insider trading, divested himself of 7 million Amaya shares in early March for Cdn$ 133 million (see previous reports).

The latest sell-off brings Baazov’s stake in Amaya to just under 4 percent (he still has 5.6 million shares in the company) and means he is no longer the major shareholder.

Baazov, who has denied any wrongdoing in the insider trading case, is scheduled to appear in a Montreal court later this year, and has in the meantime reportedly founded and chairs an investment firm titled Ahaka Capital. Its investments to date represent no direct involvement in online gambling.

He appears to have given up on controversial earlier attempts to take over Amaya.