简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:The administrator is now attempting to recover the offshore assets of the broker.
Only AU$8 million in brokers funds are currently available.
BRI Ferrier, the administrator of doomed retail forex broker, Union Standard International Group Pty Ltd, published an update of its proceedings on Tuesday, revealing that it has received approximately AU$357 million in creditors claims to date, and the amount is likely to increase. Out of the total, almost AU$349 million in claims came from trust creditors.
However, the odd part is only around AU$8 million in funds are currently available with a trust in favor of the trust creditors.
“Whilst a formal adjudication of the claims has not been conducted, there is obviously a substantial shortfall for creditors based on funds to hand and real questions to be answered as to where client funds (in particular investor clients) have gone,” the administrator stated.
“As there are insufficient funds available to pay a meaningful dividend to trust creditors, we are moving towards the recovery phase of the matter.”
Offshore Assets
Additionally, BRI Ferrier pointed out that a substantial portion of the bankrupt broker‘s assets are located offshore and are not made available for the liquidation process. Though it is investigating funds held with the broker’s money processors, the focus is on the assets available in Australia.
According to the financial statements, the doomed broker did not correctly account for the transactions with the Investor clients and dramatically overstated its profits. Thus, it incorrectly paid AU$6 million to the Aussie tax authorities in company taxes between the financial year 2017 and 2020.
The administrator has already recovered the overpaid taxes along with some interest.
“There have been limited further recoveries from the funds held with money processors located offshore and loans with related entities. We are continuing to investigate these assets, where those funds may ultimately be pursued as claims against the parties involved,” the administrator added.
The troubles of USGFX started in mid-2020 when the company entered into voluntary administration. This resulted in the cancellation of its Aussie license and ultimately the liquidation of the company.
However, the broker remained operational in the overseas markets and moved its headquarters from Australia to the United Kingdom. Last year, it also underwent a rebranding effort to leave the tainted brand behind.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
This article outlines the history of Ponzi schemes, highlighting the infamous Charles Ponzi, Bernie Madoff, and beyond.
The forex market presents both opportunities and challenges, with technical analysis being crucial for successful trading. This article outlines the five essential steps for mastering Forex MT4 technical analysis: identifying trends, utilizing technical indicators, determining entry and stop-loss points, analyzing price charts, and performing real-time monitoring and adjustments. By following these steps, traders can enhance their understanding and application of technical analysis, ultimately improving their trading accuracy and success rate.
Wednesday's major data releases and macroeconomic events are expected to cause volatility to increase after another day of erratic trading in the financial markets. The Spring Budget for the UK will be released, and January Retail Sales figures for January will be made available by Eurostat. ADP Employment Change for February and January JOLTS Job Openings will be discussed later in the session on the US economic docket.
Major currency pairings are still trading in familiar ranges early on Tuesday after the erratic trading on Monday. The US economic docket for the American session will include the factory orders data for January and the ISM Services PMI survey for February. Final updates to the February PMI for the US, Germany, the UK, and the EU will also be released by S&P.