Hien Min Soe, the Burmese owner of the troubled forex broker Union Standard International Group (USGFX), has stepped down as a director of the brokerage’s United Kingdom-based business.
According to the latest Companies House filing, Soe’s resignation came into effect on August 14, 2020.
A Troubled Broker Struggling to Survive
The troubles of the Australia-headquartered brokerage became public in July as it entered into voluntary administration with the appointment of BRI Ferrier. Then the company wanted to restructure its business stressed that the move was forced upon it by the Australian Securities and Investments Commission (ASIC).
The former CEO of the brokerage, Shay Zakhaim, also resigned as administrator took over its control.
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The troubles became deeper as the Australian regulator later suspended the brokerage license, and the appointed administrator raised concern’s over the company’s financials.
By the end of August, USGFX officially moved towards liquidation. Moreover, the administrator pointed out Soe and his representatives’ role in preventing it from ‘dealing with the Company’s affairs and investigating its financial position’. USGFX owner even refused BRI’s requests and even court orders to provide access to platform data.
Instead of all the troubles, the brokerage is determined to retain its brand and global operations. Last month, the board of USG UK officially announced that the headquarters of the brokerage will be moved from Australia to London.
Interestingly, that decision was taken on August 15, only a day after the majority shareholder’s resignation. This move indicates that the new headquarters wants to shed its ties with the controversial owner and make decisions independently.