Embattled Retail FX broker operator Union Standard International Group has announced that it is rebranding itself, and its various operating subsidiaries, to United Strategic International Group.
The group’s main website which serves offshore clients, domiciled in St. Vincent and the Grenadines, has been changed from usgfx.global to usgforex.com, as the company seems to be looking to drop the “USGFX” brand and to distance itself from the now-bankrupt Australia arm of the group, Union Standard International Group Pty Ltd. The usgfx.com and usgfx.com.au websites still belong to the bankrupt Australia company.
USG said its three subsidiaries were in the process of changing their formal names to:
- St. Vincent and the Grenadines – United Strategic International LCC
- UK – United Strategic International Limited
- South Africa – United Strategic International (Pty) Ltd
The group’s FCA regulated arm still lists its name (and is listed in the FCA register) as Union Standard International Group Limited, operating the website usgfx.co.uk. We assume that those names, and the website url, will change as well in due course once regulatory approval is received. USGFX-UK recently reported a loss of £347K loss in 2020.
The USG Group is still reeling and trying to recover from the 2020 bankruptcy of its then-main operating subsidiary in Australia, which as noted above operated the USGFX.com brand. The group’s main shareholder, Myanmar based Soe Hein Minn, has been found to be in contempt of court in Australia as he and his team have refused to cooperate with the company’s liquidators, BRI Ferrier – and as more than $100 million of USGFX client funds remained unaccounted for. The group has stated its intention to shift its global headquarters to London, although Mr. Soe Hein Minn has stepped off the board of USGFX-UK.