The Australian Securities & Investments Commission (ASIC) has secured interim Federal Court orders freezing certain assets of Osama Saad, a former director of Aus Super Compare Pty Ltd and Atlas Marketing Pty Ltd, both now in liquidation. The orders follow ASIC’s application and sit alongside an ongoing ASIC investigation into Mr Saad and associated entities in connection with investigations concerning certain managed investment schemes, including the Shield Master Fund. The interim freezing orders remain in place until 7pm (AEDT) on 4 April 2025. A final hearing to decide whether the orders should continue is scheduled for 4 April 2025. Mr Saad was a director of Aus Super Compare until September 2024 and the sole director of Atlas until November 2024, with both companies placed into liquidation in late 2024.
Australian Securities & Investments Commission 2025-02-27
Australian Securities & Investments Commission obtains Federal Court interim asset freeze over assets of former Aus Super Compare and Atlas Marketing director Osama Saad
The Australian Securities & Investments Commission (ASIC) has obtained interim Federal Court orders to freeze assets of Osama Saad, former director of Aus Super Compare Pty Ltd and Atlas Marketing Pty Ltd, amid an ongoing investigation into managed investment schemes, including the Shield Master Fund. The orders are effective until 4 April 2025, with a final hearing on the same date to determine their continuation.