Exclusive: USGFX bankruptcy admin makes “significant progress”, Public Examination coming
USGFX liquidator BRI Ferrier has shifted its focus to recovery actions, and a Public Examination of key parties involved will be held.
USGFX liquidator BRI Ferrier has shifted its focus to recovery actions, and a Public Examination of key parties involved will be held.
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.
The court order was critical of the conduct of USG Holdings and Soe Hein Minn, who remains in contempt of previous court orders
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.
We had reported back in mid July that ASIC had suspended USGFX-Australia’s license after the company was put into voluntary administration.
New disclosures made by administrators-turned-liquidators BRI Ferrier shed more light on what happened at USGFX leading up to July 8.