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Javaid Aziz vs. Cryptologic Update
The dispute between online gambling software provider Cryptologic and its erstwhile CEO Javaid Aziz made it into the pages of the venerable UK business newspaper The Financial Times this week.
The newspaper reported on the events leading up to the latest rejection by Cryptologic of Aziz's demands for an extraordinary general meeting and a presence on the board, and commented that Aziz has been trying to re-establish a foothold to control the company after his departure last year from the CEO position.
The report claims that Aziz has been trying to have the Cryptologic group's chairman removed, and that he is campaigning for a change in company strategy.
The Financial Times notes that in a sign of the intensifying hostilities between the two parties, CryptoLogic has accused Aziz of “inappropriate conduct” during his brief tenure at the company. Stephen Taylor, chief financial officer, said Aziz made repeated demands for money and threats to sue while he was at the helm.
Aziz has dismissed the attack as an attempt to distract shareholders from what he alleges is a problem of corporate governance at the company.
The former CEO said he never asked for money and that his grievance was over the strike price of the share options that he was granted. He said they were artificially high and were based on what he believed was a misrepresentation of the company’s financial situation at the time when he was hired – allegations that CryptoLogic denied.
CryptoLogic also questioned whether Aziz was fit to join the board and released copies of e-mails he had sent threatening to go public with allegations that the company had been “blatantly lying” about the impact of the Dutch government’s decision not to allow Holland Casino to launch an online gaming site.
Earlier this week Cryptologic revealed that it was seeking legal advice with a view to a possible action against Aziz.
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Gambling News :
Phil Ivey Loses Borgata Casino -
Phil Ivey has lost in his four-year legal tussle with the Borgata over baccarat winnings; on Friday a US federal judge ruled that he and a companion violated New Jersey state gambling regulations in the manner in which they won nearly $10 million playing at the Atlantic City casino.
NYX Gaming in deal with Endemol -
"Endemol Shine’s IP will be a strong addition to the NYX portfolio of content and we look forward to working together to bring additional instantly recognizable brands to market.”
NEW CAMBODIAN GAMBLING LAWS -
After more than two years of debate and drafting, Cambodia may be closing in on final agreement regarding its proposed gambling law changes.
Playtech Acquires ECM Systems -
Online gambling soiftware provider Playtech plc has announced the acquisition of a ninety percent stake in UK bingo software developer ECM Systems for a consideration of GBP 14.9 million.
Marks and Spencer store Manager steals to Gamblie Online -
The Cambridge News reports that a 28-year-old manager of a Marks and Spencer store, Martin Trenor, has been jailed for three years for stealing GBP 254,538.11 in shop takings over the course of a year and spending it almost immediately at online gambling websites.
Chinese Gambling crackdown could damage high roller revenue -
Fast-moving events this week have seen Australian media reports quoting hundreds of millions of dollars wagered by Chinese high rollers in Aussie land casinos, offset to some extent by Crown claims that this whale gambler" demographic generates only 12 percent of turnover.
EvenBet Open Face Chinese Poker -
Open Face Chinese Poker online games provider EvenBet has reported that its Open Face Chinese Poker product is gaining traction with games recently integrated for desktop action at the Malta-licensed operational site Poker Grant.
2016 EPT Malta -
The European Poker Tour is off to a good start in Malta, with German pro Dietrich Fast claiming a well-earned Euro 174,000 main prize in the Euro 10,000 buy-in Single-Entry Rebuy event.
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