On Friday last week, the Globe and Mail unveiled that former Amaya Inc. CEO David Baazov has filed motions with the Quebec court to dismiss the civil charges laid against him by the Quebec financial regulator in relation to insider trading indictments. The media reported that Mr. Baazov’s attorneys filed their appeal in mid-October, seeking to drop all charges against the founder of the Canadian gambling giant Amaya (recently re-branded into The Stars Group). Mr. Baazov’s attorneys claimed that the prosecution has not been performed in a timely manner. The appeal is to be heard on 11th December along with Baazov’s trial.
In March 2016, the security regulator of the Canadian province of Quebec Autorité des marchés financiers (AMF) filed 23 charges for alleged breach of trust against Mr. Baazov and two other accomplices. Following an extensive investigation, Mr. Baazov was accused of influencing the market price of his own company. He was allegedly sharing confidential information about his company with traders. Supposing that the allegations prove to be true, the wrongdoers are to face prison time and a hefty fine.
Baazov’s trial was scheduled to commence on 20th November, but prosecutors wai9ted until 21st September to examine a hard drive, revealing information regarding an elaborate kickback scheme called “Project Bronze”. The hard drive was reported to contain 16 million files to the defense.
The documents shed more light regarding the “Project Bronze”, which was launched as an independent probe into Mr. Baazov’s accomplices and their involvement in the whole insider trading saga. Mr. Baazov’s associates reportedly benefited from confidential information about the company, which was disclosed by Mr. Baazov himself. Among the wrongdoers, the name of Mr. Baazov’s brother Josh Baazov also soared on the news.
Baazov’s Attorney Claim Violation of a Right to a Speedy Jury Trial
According to Baazov’s attorneys, they had almost no time left to examine the files before the trial. Baazov’s lawyer Sophie Melchers commented that the whole trial is not properly planned and controlled, which leads to its protraction. Ms. Melchers also pointed out that the accusations against her client comes after Mr. Baazov announced his intentions to acquire the Canadian online gambling company for C$3.48 billion. She concluded that Mr. Baazov’s right to a speedy jury trial is violated. Baazov’s attorneys explained that they will need at least half a year to examine all the documents related to “Project Bronze” before they are able to prepare the defense. They emphasized on the fact that the delay is caused by the prosecutors.
Supposing that the case actually enters the court on 11th December, any indictments can be laid sometime in the summer next year, but not earlier.