Glencore Sues Collapsed Prax Refinery Over Alleged £334M Fake Invoice Fraud

Glencore has won High Court permission to pursue fraud claims against Prax, the collapsed UK oil refinery, alleging former owner Winston Soosaipillai instructed staff to forge at least £334 million in fictitious invoices to draw funds from a £738 million HSBC facility. The Anglo-Swiss commodities trader says it was tricked into delivering $236 million (£176 million) of crude oil to Prax's Lindsey refinery near Grimsby before the company collapsed in June 2025 under more than £1.5 billion in debts. Glencore is seeking to rescind its contracts and recover any remaining oil or refined products. The court ruled on September 21, 2026, that Glencore's claim is "sufficiently arguable," though it made no finding on whether fraud occurred. It warned that a successful claim would leave "no prospect of any return for HMRC" and a "very significant shortfall" for the Department for Energy Security and Net Zero. Prax owed HMRC up to £250 million.