The internet gaming software company steps up its campaign to stop Javaid Aziz seeking re-election to the board
Dominic Walsh
A London-listed internet gaming software company has taken the unusual step of publishing a series of emails from its former chief executive as part of its campaign to prevent him from seeking re-election to the board.
CryptoLogic, whose clients include leading operators such as PartyGaming and 888 Holdings, claimed that the conduct of Javaid Aziz, who was ousted in February last year after just 11 months as chief executive, had been “unprofessional and inappropriate”.
Mr Aziz, who strongly refutes the allegations, has sought to use his 10 per cent stake to requisition an extraordinary general meeting to approve his re-election. However, the company claims he has less than 10 per cent, rendering the requisition invalid.
In a letter to Mr Aziz, it accuses him of “unprofessional conduct”, both during and after his short tenure as chief executive, and claims he sent “inappropriate, threatening and offensive emails” to the board in an effort to force it to pay him money that he says he is owed.
In order to prove its assertions, the company has published a number of emails from Mr Aziz, including one last July to Bob Stikeman, its chairman, alleging that he had destroyed shareholder value and was not truly independent.
He says: “You portray yourself as an old distinguished and experienced businessman. In fact you are a fraudster, a liar and full of deceit.”
In earlier emails, he threatens to “completely cripple and sink CryptoLogic” and promises to generate “immense adverse publicity” that would be “very painful and damaging and will be terminal for CryptoLogic”. He threatens to sue Mr Stikeman in a “crusade which will crucify”.
The company says that Mr Aziz made a number of allegations to KPMG, its external auditors, which he then withdrew after admitting that he was “half drunk/half deranged/half asleep” when he made them.
Responding to CryptoLogic’s claims, Mr Aziz told The Times last night: “At this stage I do not wish to dwell on their allegations and personal attacks which are unnecessary and show the fear with which they live.
“My primary and only focus is on corporate governance and independence of the board and the chairman. This would be good for all shareholders.”
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