London-based United Strategic International Group, which was recently rebranded from Union Standard International Group (USGFX), has re-appointed owner Soe Hein Min as one of the Group’s Directors.
According to the latest Companies House filing, the Burmese national joined the board on Wednesday.
Min, the owner of the brokerage group, is a controversial figure. He was specifically named by the liquidator of the broker’s Australia business as someone for preventing it from ‘dealing with the Company’s affairs and investigating its financial position’. He even rejected requests and court orders to hand over the platform data to the liquidators.
Amid the blame game, Min stepped down from his position on the Board last October, a move that was seen to keep the brand clean from controversies. However, his re-appointment shows 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, meaning he will have enough say in the brokerage business.
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Building a New Brand
Min rejoined the directors’ table following the rebranding of USGFX to United Strategic International. While previously it was anticipated that the broker will keep the previous brand name, the rebranding shows that it wants to shed the tainted reputation.
The worries of the broker were stated last July when its ASIC-regulated Australian business entered into voluntary administration following the confirmation of liquidation. Additionally, it lost its Australian Financial Services (AFS) license issued by the local regulator for operations in the country.
Moreover, the broker moved its headquarters to London and gained an additional license from the regulators in South Africa.
Earlier this week, the Australian regulator banned one of the USGFX Directors, John Carlton Martin, for ten years from providing financial services and disqualified him from managing any corporation for five years.