Soe Hein Min was re-appointed as director of USGFX after he stepped down from the position in October 2020.
June 3, 2021 | AtoZ Markets – London based Forex broker Union Standard International Group Pty Ltd, better known as USGFX, announced on Thursday the re-appointment of owner Soe Hein Min as one of the Group’s Directors.
According to the announcement, the Burmese national joined the board on Wednesday.
Min, the owner of the UK USGFX, was appointed as a director of the company in December 2019. In April 2020, he became ‘person with significant control’ after he bought shares worth £814,000 in the company’s UK division.
As AtoZ Markets also reported, the Australia division of USGFX entered liquidation by the end of August 2020. 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 Min and his representatives. BRI noted that they were prevented from dealing with the Company’s affairs and investigating its financial position.
Amid the blame game, in October 2020, Min announced his resignation from the board of directors of the company.
However, Min being re-appointed indicates that the owner does not want to lose control over the operations of the Broker Group. He is one of the two directors of the Broker Group, and that means he call the shot in the brokerage business.
Re-appointment after rebranding
It is worthy of note that Min rejoining the board of directors after the brokerage rebranded from USGFX to United Strategic International. The rebranding was a move to to drop the tainted reputation of the USGFX brand, which has created a ton of controversy with its Australian operation.
Meanwhile, the broker has moved its headquarters from Australia to the United Kingdom and gained the South African license.
As a reminder, the Australian regulator ASIC has banned USGFX director John Martin for 10 years from providing financial services, and for 5 years from managing corporations.
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