Simon Selimaj, founder and former chief investment officer of the First Guardian Master Fund, is expected to be able to leave Australia in the coming weeks after the Federal Court ordered the lifting of his travel ban on August 14. The court ruling also provided that Selimaj must notify the corporate regulator, the Australian Securities & Investments Commission (ASIC), two weeks before any intended overseas travel. A decision on whether to unfreeze his assets is pending, with Judge Mark Moshinsky allowing an additional week for consideration.

Selimaj has been subject to travel and asset freezing orders for over a year amid ASIC’s ongoing investigation into the collapse of the Melbourne-based investment fund. First Guardian raised approximately AUD 500 million from around 6,000 investors before it fell apart last year. The fund’s responsible entity was Falcon Capital, which Selimaj founded.

To regain his passport, Selimaj must first attend an examination with ASIC scheduled for August 13. Representing himself in court, he described the restrictions as unjust and expressed frustration over the impact on his personal and professional life. He maintained his innocence, asserting that he had acted honestly and responsibly throughout his involvement with the fund.

Selimaj also identified himself as a whistleblower, claiming he alerted ASIC to irregularities within the investment schemes. He argued that his co-operation should have been met with protection rather than punitive measures. “If I had not been the whistleblower, these matters may not have been investigated,” he said, contesting the legitimacy of the ongoing restrictions.

ASIC’s legal representatives disputed Selimaj’s whistleblower status, stating there was no record of his report concerning First Guardian. Instead, they noted his alleged disclosures pertained to a separate failed investment vehicle, the Shield Master Fund. Shield, managed by property developer Paul Chiodo, raised just under AUD 500 million from approximately 5,800 investors before entering liquidation in 2024. The fund is also under scrutiny for purported misuse of investor funds, and it reportedly received investments from First Guardian.

During proceedings, Selimaj pointed to court filings, including emails from First Guardian’s CEO David Anderson, which he said indicated that his signature had been forged on contracts without his knowledge. He denied awareness of tens of millions of dollars in unsecured loans extended to a Melbourne property developer weeks before First Guardian’s suspension. Liquidators overseeing the fund have since settled a AUD 37 million loan for AUD 2.9 million, inclusive of legal fees.

ASIC opposed the removal of the travel restrictions, advocating for their continuation until November 30 to ensure the integrity of the ongoing investigation. The Federal Court’s recent ruling marks a significant development in the case, allowing Selimaj limited freedom of movement while investigations proceed.