Travel Ban Temporarily Lifted for Finance Professional Osama Saad

Osama Saad, a finance professional facing an investigation by the Australian Securities and Investments Commission (ASIC), has received a temporary lifting of his travel ban. This decision allows him to travel to Dubai and Mecca. Saad is alleged to have received $31 million in commissions linked to two failed investment funds.

Federal Court Approves Travel Ban Variation

The Federal Court approved the variation of the travel ban on Friday, following an initial demand from the judge for Saad to appear in person. ASIC had previously opposed the request, citing concerns related to their ongoing investigation into Saad.

The investigation concerns the collapse of the Shield Master Fund and the First Guardian Master Fund in 2024 and 2025, which reportedly impacted the superannuation savings of 12,000 individuals and involved $1 billion. Saad, a former financial planner, is alleged to have operated a website that directed clients into these schemes in exchange for payments.

ASIC's Concerns and Investigation Background

Saad has been subject to asset freezing orders and travel restrictions since July as part of the ASIC investigation. An earlier request by Saad to travel for religious reasons was denied. ASIC initiated action to freeze his assets in February 2025 to investigate potential legal breaches regarding the received payments.

Saad has not been charged with any offense, and the ASIC investigation may not result in legal action against him. His businesses reportedly directed over 1,000 clients to the funds. During Friday's hearing, ASIC opposed Saad's travel request, expressing concern that he might not return for further questioning in April.

ASIC's counsel, St John Hibble, SC, referenced Rashid Alshakshir, another individual investigated for receiving commissions from promoting the same funds, who reportedly left Australia and did not return after a travel ban request was denied.

Both Saad and Alshakshir have previously stated in court that they consider the payments received to be for legitimate marketing services and lawful.

Judge's Insistence and Denied Funds

Justice Mark Moshinsky raised questions regarding the duration of Saad's travel ban and ASIC's insufficient evidence to suggest Saad would not return. Justice Moshinsky proposed that Saad provide a personal undertaking in court on Friday afternoon, confirming his return by a specified date and providing his travel itinerary.

Saad's legal team initially stated he was medically unable to attend, offering an affidavit instead, citing a "serious medical condition" and "significant cognitive issues." However, Justice Moshinsky insisted on his in-person appearance, stating, "If he’s well enough to travel overseas, I would think he’s well enough to come to court." Saad subsequently appeared in court on Friday and provided the required undertaking.

ASIC's counsel confirmed they would not oppose Saad's two-week trip to Mecca, provided the undertaking was given. A separate request by Saad to withdraw $15,000 from a bank account for the trip was denied by the court, citing concerns about preserving funds for the victims of the collapsed funds. Justice Moshinsky suggested that Saad could receive the necessary travel funds as a gift.