The Australian Securities & Investments Commission (ASIC) announced that Arunesh Narain Maharaj, the former Chief Executive Officer of BBY Limited (BBY), appeared in the Downing Centre Local Court charged with aiding, abetting, counselling or procuring BBY’s dishonest conduct in communications with ASX Ltd and its subsidiaries. The charge relates to an alleged AUD 192 million acquisition of shares in Aquila Resources Ltd on behalf of a client between about 10 June 2014 and about 16 December 2014. The single charge is alleged to be contrary to sections 1041G(1) and 1311 of the Corporations Act 2001 (Cth) and section 11.2(1) of the Criminal Code (Cth). ASIC noted the offence carries a maximum penalty of 10 years’ imprisonment, or a fine of 4,500 penalty units (AUD 765,000) or three times the total value of benefits obtained (or both), and that the maximum period of imprisonment has subsequently been increased; the matter is being prosecuted by the Commonwealth Director of Public Prosecutions following a referral from ASIC. ASIC also stated Mr Maharaj is already facing two existing charges arising out of its BBY investigation, and that the investigation is ongoing. The matter was adjourned for further mention on 5 August 2025.
Australian Securities & Investments Commission 2025-06-10
Australian Securities & Investments Commission charges former BBY chief executive over alleged dishonest ASX communications tied to AUD 192 million Aquila share purchase
Arunesh Narain Maharaj, former CEO of BBY Limited, appeared in court charged with aiding BBY’s dishonest conduct in a AUD 192 million share acquisition of Aquila Resources Ltd. The charge, under sections 1041G(1) and 1311 of the Corporations Act 2001 and section 11.2(1) of the Criminal Code, carries a maximum penalty of 10 years’ imprisonment or a fine of AUD 765,000. The Commonwealth Director of Public Prosecutions is prosecuting following ASIC's referral. Maharaj faces two other charges from the ongoing BBY investigation.