Amaya CEO David Baazov to take leave of absence

David Baazov, the CEO of Montreal-based Amaya, the world's largest online gambling company, announced Tuesday morning he will take a voluntary indefinitepaidleave of absence from the company after he was charged with insider trading by Quebec's securities regulator, the Autoritdes Marchs Financiers (AMF).

The chargesaretied to the Amaya's $4.9-billion acquisition of PokerStars and Full Tilt Poker in 2014.

• Amaya CEO David Baazov facing insider trading charges

In total, 23 charges were filed against three companies and three individuals, including five charges forBaazov, who has been described by Forbes as "the king of online gaming."

Baazov "is taking this leave voluntarily to focus on preparing an offer to acquire Amaya and to avoid a distraction for the company," according to a statement fromAmaya.He will continue to sit on the company's board.

Baazov announced in Februaryhe wantedto buy out shareholders for $21 pershare. Hisoffervaluedthe company at $2.8 billion.

After he was charged last week, he said he would proceed with trying to arrange the buyout.

In the statement Baazov said he is dedicated to doing the right thing for Amaya and its shareholders.

"I believe that stepping down in the short term will help to avoid distraction for the company and its management while I vigorously contest all allegations made against me and pursue my bid to acquire the company," Baazov said.

The board has appointed Dave Gadhia as interim chairman and RafiAshkenazi as interim CEO.