FNG Exclusive… Continuing our exclusive coverage of the surprise bankruptcy filing of Australian Retail FX and CFDs broker USGFX, FNG has learned that the company’s longtime CEO Shay Zakhaim has ended his tenure with the company.

Mr. Zakhaim currently lists his occupation as “CEO, Capital Markets Professional, Regulatory Consulting”, marking the end of his tenure with the company he has led since 2014 as of July 2020.

While Shay Zakhaim (seen above, second from left at signing of Sheffield United sponsorship last year) was formally CEO of the Australian company Union Standard International Group Pty Ltd, which as noted above filed for voluntary administration in Australia last week, he was also effectively overseeing the group’s other businesses including an offshore brokerage in Vanuatu (USGFX Global), and the company’s recently established, FCA licensed arm in the UK.

And speaking of USGFX-UK, that company issued a notice on its website usgfx.co.uk (see full text below) indicating that it is “unaffected” by the aforementioned bankruptcy filing of its “sister company” in Australia. A similar sentiment was noted by Premier League squad Sheffield United, which posted a note on its website that it was business-as-usual as far as it was concerned with USGFX, at least with the UK company. USGFX acts as front-of-shirt sponsor of SUFC, recently completing the first year of a three-year, multi million dollar sponsorship agreement between the two sides.

The statement issued on the website of USGFX-UK reads as follows:

Statement from the Board of USG UK

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.

USGFX has explained in a press release that ongoing issues with their regulator, ASIC, has forced them to make this move and that they will be working closely with the administrators:

https://www.usgfx.com/AU/Media/PressReleasesContent?PRID=2020070802

USG UK retains the full and uninterrupted support of the USG Group and their shareholders and will continue to offer their bespoke and personal service to clients under the auspices of their FCA authorisation and the associated client protections.