Following an application made by ASIC, the Federal Court has made interim orders freezing certain assets of Osama Saad, former director of Aus Super Compare Pty Ltd (in liquidation) and Atlas Marketing Pty Ltd (in liquidation).
ASIC is investigating Mr Saad, and various entities associated with him, in connection with its investigations concerning the Shield Master Fund and the First Guardian Master Fund. These investigations are ongoing.
The interim orders are in place until 7pm (AEDT) 4 April 2025. A final hearing to decide whether the orders should continue has been scheduled for 4 April 2025.
Background
Mr Saad was a director of Aus Super Compare until September 2024, and the sole director of Atlas until November 2024. Both entities were placed into liquidation in late 2024.
More information
Any person who wants to provide information to ASIC to assist its investigation into matters concerning Shield or First Guardian can contact ASIC’s investigation team by email at shield.queries@asic.gov.au or at firstguardian.queries@asic.gov.au.
Editor's Note
On 24 March 2025, the Court made orders to extend the interim freezing orders until 24 April 2025, and that a further hearing occur at 10.15am on 24 April 2025.
Editor's Note 2
The matter has been listed for a hearing at 11am on 2 April 2025.