USGFX Expects to Return All Funds Before March 2021

​The Union Standard International Group Holdings Limited (USG), a retail FX broker entered "voluntary administration" on July 8, 2020, released a statement from its board, reiterating their commitment to return to their clients the full amount of the funds due to them.

The company said that it has been working very hard to process the withdrawals but unfortunately this has proven to be a slower process than initially anticipated due to the restrictions put in place by the regulator. Further, it stated that not all clients will receive their full withdrawal amount by the previously stated target of the end of the year.

According to the announcement, USG continues to process withdrawals on a daily basis and to date over 50% of the withdrawals have been processed. Although the vast majority of clients will receive their funds sooner, USG now expects to have returned 100% of the funds by the end of March, at the latest.

“The USG Group apologises again for all the inconvenience and distress caused by this situation and thanks the USG clients for their continued understanding and loyalty.”

We had reported back in mid July that ASIC had suspended USGFX-Australia's license after the company was put into voluntary administration, and BRI Ferrier was brought in as administrator. However the BRI Ferrier people brought in to decide what to do with the company and its assets hit a wall of trouble in dealing with USGFX's shareholder Soe Hein Minn and his representatives, leading to the decision to put USGFX into immediate liquidation.