David Baazov the CEO and Chairman at Amaya Inc will take a lead of absence that is indefinite only one week after being charged in a probe over insider trading at the largest online poker company in the world.
Baazov announced that he would be taking paid leave while he can focus on plans to take the huge gaming company based in Canada private.
In a prepared statement, Baazov said that he continued to dedicate his time to doing what is right for Amaya and every one of its shareholders.
However, he added that he believed stepping down during the short term would help avoid any distraction by the company and management, while he vigorously contests every allegation made against him and to pursue his bid to acquire the business.
The company, based in Pointe-Claire, Quebec operates Full Tilt and PokerStars brands said Divyesh Gadhia one of its directors will become an interim chairman.
CEO of the operating business of Amaya known as Rational Group, Rafi Ashkenazi will become the interim CEO for Amaya.
Amaya increased by 4.3% during early morning trading in Toronto. However, over a period of the past 12 months, shares have dropped by 45%.
Regulators in Quebec handed out 23 charges a week again in relation to its trading probe that has been ongoing, including 5 charges against Baazov.
The regulator issued search warrants as well as cease-trade orders for 13 others that are related to this investigation.
The charges against Baazov included aiding with trades during a time he was in possession of privileged information, and influencing or trying to influence Amaya market Priced security.
Amaya said he had to look into the most recent developments of the ongoing investigation including a probe into other people.
Since 2010, Gadhia has been on the board at Amaya and is the lead director who is independent. He is also the chairman of a special committee that is tasked with considering plans that Baazov has of taking the company private at what is estimated as $21 per share.
The company also announced it was continuing to establish terms with Baazov.