Shay Zakhaim, the chief executive officer at Union Standard International Group PTY LTD (USGFX), has left his position at the company, according to an update on his Linkedin profile.
This formal stepping down of the CEO came only a week after the company entered into voluntary administration to restructure its business so that it can continue to offer financial services to its clients.
As Finance Magnates reported earlier, the move was forced by the restrictions imposed by the Australian Securities and Investments Commission (ASIC).
Peter Krejci and Andrew Cummins of BRI Ferrier Insolvency and Business Recovery Accountants have officially taken the administrative charge of the company and thus it stopped services like opening of new accounts, deposits, withdrawals, and also new positions.
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A veteran, yet failed to save the company
Zakhaim spent almost six years at the apex position of the forex broker before his exit from the firm.
He has over two decades of experience in the trading industry. Prior to USGFX, he was the CEO and responsible manager at You Trad Capital Markets for over three years. He started his career as a trader and later took the responsibility of a chief analyst at USG Capital. He also spent significant time at YouTradeFx.
In an official statement, the board of USG UK, noted: “The board and the management of USG UK (Union Standard International Group Ltd) would like to reassure all investors that USG UK’s business and service is unaffected by the recent announcement that their sister company, Union Standard International Group PTY (USGFX) has entered into voluntary administration.”
“Although USG UK and USGFX are part of the same group they are entirely separate and independent companies which trade under different regulators.”