BRI Ferrier Denies Role in Shutting USG Global’s Bank Accounts

BRI Ferrier, the liquidator of its Australian-based Union Standard International Group Pty Ltd (USGFX), issued a statement recently debunking the claims of the Vantau-based sister entity, USG Global (Union Standard International Group Ltd), over its role in shutting down the broker’s Puerto Rican bank accounts.

“On 8 February 2021, USG Global made a statement that the Liquidators of USGFX have somehow instructed the First Bank in Puerto Rico to freeze their bank accounts. That is simply untrue,” the liquidator noted.

It elaborated that the liquidator of the Australian entity has no power to freeze the bank accounts of another entity, without a court order.

A Troubled Brokerage

Then ASIC ASIC The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the Read this Term-regulated USGFX entered into voluntary administration last July with the appointment of BRI Ferrier as its administrator. The trouble of the brokerage later deepened with its entering into liquidation in a couple of months and the cancellation of its ASIC license.

The Group company moved its headquarter to London after the collapse of its Australian business and is now offering services with its Vantau-based entity.

As Finance Magnates reported earlier, USG Global blamed the Aussie liquidators previously for holding money of its clients who migrated from the Australian entity to the Vantu-based platform.

In its latest statement, the liquidator pointed out the possibility of the bank's intentions in shutting business with a troubled entity like USG Global.

“The Liquidators understand that the First Bank of Puerto Rico formed their own view not to deal with USG Global based on their own due diligence. That due diligence presumably included a review of the information provided to them by USG Global and also the publicly available information on the broader USG Group, such as the investigation and prosecution of USGFX by the ASIC,” BRI Ferrier added.

“The Liquidators have discovered a number of concerning irregularities in the USGFX documentation and therefore can understand the position taken by the First Bank in Puerto Rico.”