David Baazov has departed from his position as Amaya’s Chief Executive Officer. Stepping into his role is Rafi Ashkenazi, who previously held the position of temporary CEO.

This leadership transition follows allegations of insider trading against Baazov in Canada. While the charges remain, it’s improbable that he will pursue a complete acquisition of the company at this time.

Both Baazov and Amaya’s Chief Financial Officer, Daniel Sebag, announced their intentions to step down in June. This served as a clear indication that Baazov’s tenure as CEO was reaching its conclusion.

Authorities in Canada’s financial sector have leveled allegations of insider dealing against a group of individuals. These claims originate from questionable trading actions concerning Amaya Corporation shares during the period from December 2013 to June 2014.

The context for these accusations is Amaya’s substantial $4.9 billion purchase of the Rational Group in June 2014. The Rational Group, proprietor of the renowned PokerStars and Full Tilt Poker brands, held a prominent position within the online gaming realm.

Following the acquisition and amidst the insider trading charges, David Baazov, who established Amaya, resigned from his position as CEO. He conveyed his satisfaction with the company’s achievements and committed to ongoing backing for its management and strategic course. Amaya expressed appreciation for Baazov’s input, particularly throughout its phase of swift expansion.

Rafi Ashkenazi, formerly the COO of Rational Group and its temporary CEO since March, was designated as Amaya’s new CEO. Divyesh Gadhia, who had been acting as interim Chairman, was also formally appointed to the position.

Notwithstanding the dispute, Amaya announced robust financial outcomes. The company’s earnings for the initial six months of the year expanded by 8% year-on-year, reaching C$5.746 billion (roughly £3.409 billion). More notably, net profit from ongoing operations witnessed a considerable 163% surge to C$78 million.