ASIC obtains freezing orders related to Shield investigation

Mike Taylor

Managing Editor and Publisher

18 March 2025

For a second successive day, the Australian Securities and Investments Commission (ASIC) has moved against Managed Investment Schemes, this time obtaining Federal Court orders freezing the 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 said it is investigating 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 (Shield) and the First Guardian Master Fund (First Guardian).

It said these investigations are ongoing.

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

ASIC noted that on 20 January 2025, it sought travel restriction orders against 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.