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 certain managed investment schemes including the Shield 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 can contact ASIC’s investigation team by email at shield.queries@asic.gov.au.