Following an application made by the Australian Securities and Investments Commission (ASIC), the Federal Court has made orders freezing assets of Rashid Alshakshir, director of Lion & Horn Pty Ltd (in liquidation), Nohap Pty Ltd (in liquidation) and Indigo Group Pty Ltd (in liquidation).

ASIC is investigating Mr Alshakshir and various entities associated with him in relation to the provision of marketing services (including lead generation) and the payment for those services, in connection with its investigations into the Shield Master Fund and the First Guardian Master Fund. These investigations are ongoing.

The Court made the orders with Mr Alshakshir’s consent. The orders are in place until further order.

On 20 January 2025, ASIC sought travel restriction orders against Mr Alshakshir. While ASIC obtained temporary ex parte travel restriction orders against Mr Alshakshir, the Court subsequently dismissed ASIC’s application for interim travel orders on 22 January 2025.