A Dubai-based investment fund has denied involvement in former Amaya Gaming CEO David Baazov’s bid to take Amaya private.

On November 14, the Montreal-based Amaya announced that it had received an all-cash C$24 per share offer from Baazov (pictured) to acquire the company’s outstanding shares. Baazov filed papers with the US Securities Exchange Commission (SEC) claiming that he’d lined up $3.65b in commitments from four investment firms, including KBC Aldini Capital Ltd.

On Monday, KBC Aldini CEO Kalani M. Lal informed CalvinAyre.com that it wished to clarify that “neither KBC Aldini nor any of its related entities are involved in this transaction.” On Tuesday, Canada’s Globe & Mail newspaper reported that KBC Aldini had filed a complaint with the SEC regarding Baazov’s claim.

The Aldini statement raises all sorts of questions regarding Baazov’s bid, including whether the offer is still viable without Aldini’s contribution. It seems hard to conceive that Baazov would have included Aldini in his filing had he not reached some understanding with the firm, yet what might have prompted Aldini to back out of the deal is anyone’s guess.