Former Owner of Prax Refinery Accused in £334m Invoice Fraud Scheme
The former owner of the collapsed oil refinery company Prax has been accused of orchestrating a fraudulent scheme involving fake invoices worth at least £334 million. Winston Soosaipillai, who co-founded and led Prax until its collapse last year with over £1.5 billion in debts, is alleged to have instructed employees to forge financial records as part of an effort to secure loans from HSBC under false pretenses. Commodities trader Glencore has filed a lawsuit against Soosaipillai, claiming it was deceived into delivering $236 million worth of crude oil before the refinery collapsed. The High Court ruled that Glencore's claim is
Topics: corporate collapse fraud Glencore HSBC oil refinery