ASIC-Targeted Man Permitted to Visit Mecca Despite Investigation
Osama Saad, a finance guru currently under investigation, has been granted permission to travel to Dubai and Mecca. This decision came after a Federal Court hearing on February 15, 2026, where his prior travel restrictions were revoked temporarily. Saad faces scrutiny over $31 million in commissions allegedly received from two investment funds that collapsed, impacting approximately 12,000 individuals.
Background of the Investigation
Saad is linked to the failures of the Shield Master Fund and the First Guardian Master Fund, both of which collapsed between 2024 and 2025. These incidents raised concerns, leading the Australian Securities and Investments Commission (ASIC) to take action against him.
- Saad’s financial planning business funneled over 1,000 clients into the failed funds.
- ASIC is investigating whether Saad and others engaged in illegal activities related to payments received.
- Asset freezes and travel restrictions were imposed on Saad since July 2025 due to the investigation.
Legal Proceedings and Court Rulings
During the recent court proceedings, ASIC opposed Saad’s travel request, citing concerns he might not return for further questioning in April. The court emphasized the need for his presence due to the seriousness of his situation.
Justice Mark Moshinsky expressed reservations about the length of Saad’s travel bans and insisted he appear personally. This led Saad to provide a formal undertaking in court, stating he would return to Australia on a specific date. His attorney, Stanley Drummond, described Saad as suffering from significant cognitive issues impacting his memory.
Conditions for Travel
Despite the court granting updated travel permissions, it denied Saad’s request to withdraw $15,000 to fund his trip. This decision was made to safeguard the financial resources available for the victims of the collapsed investment funds. However, it was suggested that he could receive the required funds as a gift.
ASIC’s counsel also indicated a willingness to support Saad’s travel to Mecca if he complied with the court-directed commitments. As of now, Saad remains under investigation, and the outcome of ASIC’s inquiry could have implications for his future.
