The former Chief Executive Officer of stockbroking firm BBY Limited (BBY), Arunesh Narain Maharaj, appeared today in the Downing Centre Local Court charged with aiding, abetting, counselling or procuring BBY's dishonest conduct.
Mr Maharaj is charged with one offence contrary to sections 1041G(1) and 1311 of the Corporations Act 2001 (Cth) and section 11.2(1) of the Criminal Code (Cth).
ASIC alleges that between about 10 June 2014 and about 16 December 2014, Mr Maharaj aided, abetted, counselled or procured BBY in the course of carrying on a financial services business, to engage in dishonest conduct in communications with ASX Ltd and its subsidiaries, in relation to a $192 million acquisition of shares in Aquila Resources Ltd on behalf of a client.
The matter was adjourned for further mention on 5 August 2025.
This matter is being prosecuted by the Office of the Director of Public Prosecutions (Cth) (CDPP) following a referral from ASIC.
Background
The offence carries a maximum penalty of 10 years' imprisonment, or a fine of 4,500 penalty units ($765,000) or three times the total value of benefits obtained (or both). The maximum period of imprisonment has subsequently been increased.
Mr Maharaj is the subject of two existing charges arising out of ASIC's investigation into BBY for aiding, abetting, counselling or procuring the dishonest obtaining of a financial advantage for BBY from St George Bank (23-273MR).
BBY was a former stockbroking and financial services business. It was placed into voluntary administration on 17 May 2015 and liquidation on 22 June 2015.
ASIC suspended BBY's AFS licence in May 2015. That suspension remained in place until its licence was cancelled in June 2021.
ASIC's investigation into BBY is ongoing.
