Federal Court allows man probed by ASIC after collapse of Shield Master Fund and First Guardian Master Fund to visit Mecca
A disturbed financial guru with “cognitive issues” who allegedly took illegal kickbacks from two collapsed investment funds will be allowed to travel to Dubai and Mecca after the travel ban was temporarily lifted.
Osama Saad received the good news that his travel ban had been changed following a hearing in the Federal Court on Friday, but this came before the judge requested to see him in person because “if he is well enough to travel, he is well enough to go to court”.
The Australian Securities and Investments Commission initially opposed the request from Saad, who is the subject of a major investigation following the $1 billion collapse of the Shield Master Fund and First Guardian Master Fund in 2024 and 2025, which wiped out the super savings of 12,000 people.
The former financial planner operated a website that allegedly recruited people into the program in exchange for payments.
It was learned that the talented amateur football player has been subject to asset freezing and travel restrictions since last July as part of the investigation. These orders followed Saad’s earlier request to visit Dubai and Mecca for religious reasons, which was rejected.
ASIC moved to freeze assets against Saad in February 2025 as part of an investigation into whether he and others broke the law by accepting payments.
Despite those orders, he has not been charged with any criminal offenses and there is a chance ASIC’s investigation will not lead to any prosecution against the financial planner whose businesses steered funds to more than 1,000 clients.
At Friday’s hearing, ASIC had initially opposed Saad’s travel request, arguing there was a risk he would not return for further questioning in April as part of the investigation.
ASIC’s barrister St John Hibble, SC told the court that another man under investigation for receiving more than $30 million in kickbacks to promote the Shield and First Guardian funds to investors – Melbourne cafe owner and marketing guru Rashid Alshakshir – had left the country and not returned to Australia after ASIC’s request for a travel ban was rejected.
“For example, Mr. [Rashid] After ASIC failed to extend the travel restriction order, Alshakshir left the country and did not return, despite claiming he would. ASIC cannot therefore be criticized for being concerned about such matters in this investigation.”
This imprint does not suggest that Alshakshir violated any laws when receiving payments or traveling abroad; It merely shows that he was the subject of an ASIC investigation and that his travel was being used by the company watchdog to advance its claims in court.
Saad and Alshakshir had previously told the court they believed the payments they received were for marketing services and completely legal.
Judge Mark Moshinsky expressed concerns about the length of Saad’s current travel ban and ASIC’s lack of evidence that Saad would not return.
To address ASIC’s concerns, Moshinsky suggested that Saad would personally make a formal commitment to the court on Friday afternoon that he would return to the country on a certain date and that he could present his travel itinerary to the court and ASIC after receiving the tickets.
Saad’s legal team initially opposed the request, telling the court that he was not well enough to go to court but would instead give evidence to the court.
“Mr Saad has a serious medical condition. He strongly prefers not to appear in court. He will certainly submit an affidavit containing an undertaking,” lawyer Stanley Drummond told the court.
Instead, Moshinsky insisted that Saad attend in person, saying: “If he is well enough to travel abroad, I think he is well enough to come to court.”
Saad appeared in court on Friday and gave the commitment in person.
The exact nature of Saad’s illness remains unclear but previously Drummond told the court: “Over the last few months Sam has been quite forgetful and has been suffering from significant cognitive problems.”
Despite his health issues, Saad agreed to attend court in person on Friday afternoon to make a formal commitment to return to Australia on a specific date.
ASIC’s barrister Hibble told the court he would not challenge orders allowing Saad to travel to Mecca for two weeks if he made the commitment.
Saad’s other request to withdraw $15,000 from his bank account to finance the trip was rejected by the court due to concerns that it would reduce the amount of money left to victims from the collapse of the two funds.
Moshinsky suggested that Saad could be gifted the money he needed to travel.
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Sarah Danckert is a senior reporter specializing in investigations and corporate misconduct. He is a two-time Walkley Award winner and has won six Quill Awards and two Kennedy Awards.Connect with: X or email.
