EBC Financial UK misappropriated funds allegations widened across several annual filings, with the broker disclosing a write-off and later exceptional costs tied to the case. The UK unit said in its financial statements that a former director took money from the company’s bank account. It did not name the person. However, the company said authorities are investigating the matter and it is weighing legal options.
The first disclosure appeared in statements for the year ended 30 September 2023. In that filing, EBC said results included a £747,000 write-off, or about $994,000, linked to funds taken by a former director. Meanwhile, the broker’s FY24 and FY25 reports did not mention another write-off in those terms.
EBC Financial UK Misappropriated Funds in Filings
Those later filings did record exceptional costs. EBC listed £717,500, or about $955,000, in FY24 and more than £1.19 million, or about $1.58 million, in FY25. If those sums also relate to the same issue, the total would reach about £2.66 million, or more than $3.53 million.
However, the annual statements do not identify any former director in connection with the allegations. Finance Magnates said it contacted EBC for more detail but had not received a reply by press time. The report also said this year’s financial statements may clarify the final amount.
Directors and FY25 Results
According to Companies House, EBC UK has four active directors: Savvakis Ioannou, Christopher Potts, Rubinder Rehal, and Christopher Stiegeler. The former directors listed are David Barrett and Qin Huazheng. Barrett resigned as CEO of the UK unit on 24 March 2026, according to the Financial Conduct Authority register. Rehal then took over that role.
Meanwhile, Huazheng is the ultimate owner of EBC. The report said he held no executive role and stepped down as a director of the UK unit last week after four months in the post.
EBC offers forex and contracts for difference trading worldwide through an offshore licence. Its UK arm only serves professional traders, while its Cayman Islands unit serves retail clients and is wholly owned by the UK entity. In FY25, EBC UK’s revenue rose 200% to nearly £400,000. However, the company posted a net loss of £1.6 million.
You can access our other news on brokers and global market developments here.
Source: Finance Magnates
