Aziz Calls Meeting: 2

Cryptologic is one of the world’s top online casino software providers. The company recently moved their corporate offices from Toronto Canada to Dublin Ireland. Although they are still very popular among online casinos, this past year has been one of restructuring. The trouble that they had in the past years of business arose when their long time leader, Lewis Rose, retired to be succeeded by Javaid Aziz. Aziz only held his post for a little less than a year but he has not left the scene quietly. Aziz has made it a little difficult for the heads at Cryptologic to continue on with business as usual. He started off by demanding a meeting with all of the company’s shareholders which he is not entitled to according to CryptoLogic because he has not met the requirements to do so.

Mr. Aziz had gotten a pretty sweet severance package when he was let go from his position as Chief Executive Officer of CryptoLogic. The company is currently trying to cut its spending by 13 million dollars. They want to ultimately cut costs that are frivolous and focus on creating a profit for the online casino software provider. CryptoLogic is claiming that they are entitled to get back 1.5 million euros from Aziz’s severance agreement. The money is currently being held under escrow. CryptoLogic claims that they have kept up with every payment and commitment that they have made to their former leader, Aziz. However Cryptologic believes that due to Mr. Aziz’s negligence to follow and meet all of his requirements the company has suffered in more ways than one.

All of this arguing back and forth does not look good for potential online casinos that are looking for them to be so stable. The current Chief Executive officer of the online casino software provider, Brian Hadfield said: "CryptoLogic's management and board are focused and united on the strategy to return the company to profitability by continuing to add new customers, lower our costs and lead the market with innovation." He then added, "This action is necessary to protect the interests of the company and its shareholders, which is at all times the sole focus of management and the board." Good news is that the shareholders will have the final say in this matter.