The USG Group is best known in the FX and CFDs sector for the bankruptcy of its then-main operating arm USGFX in Australia in mid-2020.
Damian McDowell joined USGFX-UK just over a year ago as CEO, after serving as the CEO of TIO Markets UK.
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.
Damian McDowell replaces Simon Quirke, who led USGFX-UK as CEO since 2018 until resigning earlier this year.
BRI has engaged a private investigator to assist in locating Soe Hein Minn, USGFX’s controlling shareholder.
USGFX Australia went bankrupt in July 2020, with the company’s administrators BRI Ferrier still sorting things out.
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.