Melbourne cafe supremo Rashid Alshakshir is, in many ways, the epitome of a small business success story. The one-time aspiring journalist and student filmmaker pivoted several years ago into marketing and hospitality and is now the co-owner of the newly opened, trendy Tickled Pink cafe in Canngu, in Bali, building upon the brand’s outlets in Thornbury, Elwood and Richmond.
More recently, Alshakshir has been involved in a far more lucrative business, earning $35 million in 18 months providing investment “leads” to property developer and fund manager Paul Chiodo. Monique Westerman Until June, Chiodo had overseen the massive $480 million Shield Master Fund managed investment scheme and the Keystone Asset Management investment house, as well as a development pipeline of exclusive, five-star resorts worth $1 billion in places such as Port Douglas, Fiji and Venice. Alshakshir’s side hustle with Chiodo appears to have been stymied by an investigation by the corporate watchdog into the affairs of Chiodo and the investments of the Shield Master Fund, which is now frozen, trapping the life savings of 6000 Australians. Part of the regulator’s probe includes reviewing the relationship between Chiodo and the cafe owner and the other 16 or so lead generators who were paid $65 million in total – or 13 per cent of the money raised from investors – for marketing services.in early August revealed concerns at the Australian Securities and Investments Commission (ASIC) that a large proportion of the Shield Master Fund’s money had been improperly directed to another fund that then solely provided loans and mortgages to Chiodo’s property development busines
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