USGFX bankruptcy update: $357M in claims, just $8M in funds
Total claims against USGFX now total $357 million, while cash recovered by administrator BRI Ferrier is just $8 million.
Total claims against USGFX now total $357 million, while cash recovered by administrator BRI Ferrier is just $8 million.
USGFX’s shareholder accused BRI Ferrier of instructing the First Bank in Puerto Rico to freeze USGFX Global’s accounts there.
USGFX Global accuses BRI of abusing its power, by instructing First Bank in Puerto Rico to freeze USGFX Global’s accounts.
USGFX shareholder Soe Hein Minn is actively attempting to prevent the liquidator from dealing with the company’s affairs.
MetaQuotes have indicated that they are not prepared to arrange for the transfer of USGFX’s MT4 and MT5 licenses.
The story of the bankruptcy of Australian Retail FX broker USGFX just got stranger. And, potentially, a lot bigger.
New disclosures made by administrators-turned-liquidators BRI Ferrier shed more light on what happened at USGFX leading up to July 8.
USGFX shareholder Soe Hein Minn is refusing administrator requests for access to the bankrupt company’s MT4 and MT5 platforms.
BRI Ferrier are already embarking on a due diligence phase with potential buyers for bankrupt USGFX’s business and assets – mainly, its client list.
Claims allege that USGFX provided a service to hold client funds in Australian bank accounts and earn interest, rather than for trading purposes.