An unwell finance guru with “cognitive issues” who received $31 million in allegedly illegal commissions from two collapsed investment funds will be allowed to travel to Dubai and Mecca after his travel ban was temporarily lifted.
Osama Saad got the good news about his travel ban being varied after a hearing at the Federal Court on Friday, but not before a judge demanded to see him in person because if he was “well enough to travel he’s well enough to attend court”.
The Australian Securities and Investments Commission initially opposed the request by Saad, who is the subject of a major investigation following the $1 billion collapse of the Shield Master Fund and the 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 is alleged to have fed people into the scheme in return for payments.
The talented amateur footballer has been subject to asset freezing orders and travel restraints since last July as part of the investigation. Those orders followed an earlier request by Saad to visit Dubai and Mecca for religious reasons, which was denied.
ASIC took action against Saad to freeze his assets in February 2025 as part of its investigation into whether he and others broke the law by accepting the payments.
Despite those orders, he has not been charged with any offence and there is a chance that ASIC’s investigation will not lead to any action against the financial planner, whose businesses directed more than 1000 clients into the funds.
During a hearing on Friday, ASIC had initially opposed Saad’s request to travel, claiming there was a real risk he would not return to face further questioning in April as part of its investigation.
ASIC’s counsel, St John Hibble, SC, told the court that another person under investigation for receiving more than $30 million in commissions for promoting 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 denied.
“For example, Mr [Rashid] Alshakshir, where ASIC was unsuccessful in getting a travel restraint order extended, he’s left the country and not returned despite alleging that he would. And so ASIC can’t be criticised for being concerned about these types of issues in this investigation.”
This masthead is not suggesting Alshakshir has broken any laws in either receiving the payments or by travelling overseas, just that he is subject to the ASIC investigation and his travel was used by the corporate watchdog to advance its claims in court.
Saad and Alshakshir have told the court previously that they believe the payments they received were for marketing services and entirely legal.
Justice Mark Moshinsky raised concerns about the length of Saad’s existing travel ban and ASIC’s lack of evidence that Saad would not return.
Moshinsky suggested that to allay ASIC’s concerns Saad could provide the court with a formal undertaking in person on Friday afternoon that he would return to the country on a specified date and provide the court and ASIC with his travel itinerary once he had bought the tickets.
Saad’s legal team initially resisted this request, telling the court he was not well enough to attend court but would instead provide a statement to the court.
“Mr Saad has a serious medical condition. He strongly prefers not to come to court. He would certainly give an affidavit, which includes an undertaking,” solicitor Stanley Drummond told the court.
Moshinsky instead insisted Saad attend in person, saying: “If he’s well enough to travel overseas, I would think he’s well enough to come to court.”
Saad appeared in court on Friday and provided the undertaking in person.
The actual nature of Saad’s illness remains unclear, but earlier Drummond told the court: “Over the past few months, Sam has been quite forgetful and has been complaining of significant cognitive issues.”
Despite his health problems, Saad agreed to attend court in person on Friday afternoon to provide a formal undertaking that he would return to Australia on a specific date.
ASIC’s counsel, Hibble, told the court he would not oppose orders allowing Saad to travel to Mecca for two weeks if he provided the undertaking.
Saad’s other request, to withdraw $15,000 from a bank account to fund the trip, was denied by the court due to concerns it would reduce the amount of money left over for victims of the two fund collapses.
Moshinsky suggested Saad could be gifted the cash he needed to travel.
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Sarah Danckert is a senior reporter who specialises in investigations and corporate wrongdoing. She is a two-time Walkley Award winner, and has won six Quill Awards and two Kennedy Awards.Connect via X or email.From our partners
Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: www.smh.com.au
