Hashching CEO steps down amid court case

The move comes as Mr Maharaj faces charges from the Australian Securities & Investments Commission (ASIC) over allegations relating to his time as CEO of former stockbroking firm BBY Limited (BBY).

ASIC has alleged that while he was CEO of BBY (which was liquidated in 2015), Mr Maharaj “aided, abetted, counselled or procured offences by another former BBY employee, who, by deception, dishonestly obtained a financial advantage” for BBY from St.George Bank, a division of Westpac Banking Corporation (Westpac).

ASIC alleged that the “financial advantage” was obtaining additional funding by way of improperly drawing down on an overdraft facilitation account that BBY held with St.George Bank, to which BBY was not allegedly entitled.

Mr Maharaj was charged with two counts of aiding, abetting, counselling or procuring fraud (contrary to sections 192E(1)(b) and 346 of the Crimes Act 1900 (NSW)) at the Downing Centre Local Court in Sydney last Tuesday (10 October).

The first count related to obtaining additional funding at the end of June 2013.

The second count related to obtaining additional funding from November 2014 to early 2015.

Each offence carries a maximum penalty of 10 years’ imprisonment.

The matter – which is being prosecuted by the Commonwealth Director of Public Prosecutions – has been adjourned for further mention on 5 December 2023.

ASIC’s investigation into BBY is ongoing.

Neeru Maini named interim CEO

Given the charges, Hashching has now confirmed that Mr Maharaj has stepped down from his position of CEO, a role he has held since 2019.

In a statement to The Adviser, Mr Maharaj said: “I am standing aside from my role as CEO pending resolution of litigation currently underway involving me.

“ASIC ha[s] been looking at this for almost nine years and haven’t acted, so I was surprised that now, after all this time has lapsed, this allegation has occurred.

“I can’t provide any further information, my lawyers are handling the matter.”

Neeru Maini, who has been chief operating officer of Hashching for the past four years, has stepped into the position of interim CEO, effective immediately.

Ms Maini said that Hashching continues to run as usual and that she was “very confident taking over the reins”.

“Hashching is continuing to operate as normal and we have lots of things planned for our brokers and I’m very excited about Hashching and where it is going,” she said.

[Related: Sapien takes controlling stake in Hashching]