Archive · 30 Jul 2026
Glencore sues former Prax owner over £177m fraud claim
Glencore, a big trading company, says that Winston Soosaipillai, who used to run Prax, tricked them into buying a lot of oil.
Prax later went bankrupt in 2025.
Glencore wants its oil back and says Soosaipillai was lying.
Prax’s lawyers say Glencore should be treated like any other creditor and that the fraud would hurt everyone the same.
The case is still in court, and both sides are arguing over who is right.
Glencore alleges former Prax owner Winston Soosaipillai was centrally involved in a £177 million fraud linked to the collapsed Lindsey oil refinery.
The claim stems from Glencore supplying over $236 million of oil to Prax before its 2025 insolvency, based on allegedly misleading financial information.
Prax’s lawyers argue Glencore should be treated like other creditors and that any fraud would affect all creditors equally.
Prax collapsed in 2025 after material irregularities were found in an HSBC loan facility, leaving the company with more than £1.5 billion in debt.
The case is pending in the High Court, with Glencore seeking to recover crude oil and refined products it claims still belong to it.
- Who
- Winston Soosaipillai, Glencore, Prax
- What
- Fraud claim over £177 million linked to collapsed refinery
- When
- Prax collapsed in 2025; claim filed in 2026
- Where
- Lindsey oil refinery near Grimsby, Lincolnshire, UK
- Why
- Alleged fraudulent misrepresentations about Prax’s financial position
- Defendant
- Glencore
- Plaintiff
- Winston Soosaipillai
- Claim amount
- £177 million
- Company collapsed
- 2025
- Location
- Lindsey refinery, Lincolnshire