ASIC Disqualifies Majid El-Debel from Managing Companies for 4 Years

The Australian Securities and Investments Commission (ASIC) today announced that it has disqualified Majid El-Debel of Sydney, NSW from managing companies for four years due to his involvement in the failure of three companies.

Between 2004 and 2019, Mr El-Debel was a director of three companies:

• So Mr I Pty Ltd (ACN 108 357 268)

• Surfers Paradise Pizza Company Pty. Limited (ACN 137 324 415)

• Masa Operations Pty Ltd (ACN 163 312 301)

So Mr I was incorporated as an investment vehicle and acted as a trustee for a family trust. Surfers Paradise Pizza and Masa operated in the food services industry.

ASIC found that Mr El-Debel failed to:

• act in good faith and in the best interests of So Mr I by not managing conflicts between his personal interests and the entities he managed;

• ensure that So Mr I and Surfers Paradise Pizza met their tax obligations, particularly in relation to the lodgement of documents with the ATO;

• pay employee entitlements of Surfers Paradise Pizza; and

• address insolvency issues and prevent Surfers Paradise Pizza from incurring debts when it was insolvent.

At the time of ASIC's decision, the three companies owed unsecured creditors $2,932,185, including $1,657,465 owed to the ATO.

Mr El-Debel is disqualified from managing corporations until 12 October 2025.