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The Fight Wages On

If you’re an online casino gambling company and looking for ways to trim the budget, scale back, and cut Euro 13 million from the company operations, the Euro 1.5 million held in escrow for a former CEO is probably a pretty tempting chunk of cash. CryptoLogic is now at the center of a pretty heated battle with a former CEO – a battle that has little to do with the company’s acclaimed online casino gambling software and more to do with politics most likely. The argument is actually pretty simple, the Euro 1.5 million held in escrow was put there as a part of former CEO Javaid Aziz’s severance package. The online casino software development company is now looking to take that money back on allegations that Aziz has failed to meet his obligations that were a part of the severance package.

The situation is only really going to escalate from here by all accounts – Aziz has requested an extraordinary shareholders meeting…something that the online casino software development company is fighting tooth and nail. If the shareholders decide to meet up concerning this situation with Aziz they will also likely review and critique the company’s current progress in cutting Euro 13 million from CrypotoLogic’s operations budget.

Aziz claims that the meeting is quite necessary despite what CryptoLogic is pushing – he notes that it is very important for the shareholders to review all of the current changes that are taking place within the company to ensure that CryptoLogic is on the right path and continuing to develop and focus on its quality gaming software designed for the online casino gambling industry.