October 7, 2020 | AtoZ Markets – Hien Min Soe, the owner of the now-bankrupt forex broker Union Standard International Group PTY LTD (USGFX), has resigned as a director of the brokerage’s United Kingdom-based business.
USGFX owner Hein Min Soe resigns
According to the latest Companies House filing, Soe’s resignation came into effect on August 14, 2020.
As AtoZ Markets reported, the Australia-based brokerage firm entered “voluntary administration” on July 8, 2020, with the appointment of BRI Ferrier. According to the global multi-asset broker, this move was due to the actions of the Australian Securities and Investments Commission (ASIC).
Shortly after filing for bankruptcy, USGFX's longtime CEO, Shay Zakhaim ended his tenure with the company as the administrator, Peter Krejci, and Andrew Cummins of BRI Ferrier took over its control.
USGFX continued its downward spiral after ASIC suspended, and later canceled the AFS license of the brokerage firm until 23 September 2020, due to the external administration.
As AtoZ Markets also reported, USGFX officially entered liquidation by the end of August. As detailed in the circular sent to the broker’s clients and creditors, BRI reached this decision because of the difficulties it faced in conducting its external administration from Soe and his representatives. BRI noted that they were prevented from dealing with the Company’s affairs and investigating its financial position.
USGFX strugling to survive despite many woes
Despite these many woes, the brokerage is persevering remains commited to retaining its brand and global operations. After making the decision on August 15, the board of USG UK announced last month that the headquarters of the brokerage will be relocated to London following the liquidation of USGFX in Australia.
This move is a clear indication that the new headquarters wants to cut ties with its controversial owner and make decisions independently.
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