The Australian Securities and Investments Commission (ASIC) has secured interim asset preservation and travel restraint orders in the Federal Court against Star Investment Group Australia Pty Ltd (SIGA), Gondal Holdings Pty Ltd (Gondal) and Ijaz Ahmad, the director of both entities.
Justice Anderson made the orders on 15 September 2026 following an ex parte application by ASIC to safeguard the interests of investors. The regulator's investigation concerns an investment scheme operated by SIGA and associated with the Lake Narracan Resort development in Victoria.
In his reasons, Justice Anderson found there were reasonable grounds to suspect contraventions of the Corporations Act and the ASIC Act, and that orders were necessary to protect the interests of investors in the scheme. The Court accepted ASIC's submission that interim orders were required to preserve assets and maintain the status quo while its investigation continues.
What the orders cover
The Court restrained SIGA, Gondal and Ahmad from dealing with or dissipating assets, subject to limited exceptions, and made disclosure orders requiring information about assets and liabilities to be provided. It also ordered that Ahmad be restrained from leaving Australia if he returns to the country.
The findings at this stage relate only to the making of interim protective orders. Ahmad has not yet had an opportunity to respond to ASIC's application.
Next hearing
The matter has been listed for a further hearing on 23 September 2026, when the Court will consider whether the interim orders should continue and whether additional relief should be granted, including the appointment of receivers.
ASIC's investigation is continuing, and the regulator has invited investors with information relevant to the matter to contact it through a dedicated Star Investment Group enquiries email address.
