Praxis Group’s chief executive, Winston Soosaipillai, faces a lawsuit from administrators alleging he ordered employees to fabricate £334 million in invoices to secure bank credit. The fabricated bills were sold to a special‑purpose vehicle backed by HSBC, Citi, JPMorgan and Royal Bank of Canada, raising cash for the beleaguered conglomerate. £334 million in false paperwork now fuels the dispute.

Administrators claim Soosaipillai instructed senior staff to submit “fictitious invoices” amid projects. The special‑purpose vehicle drew £739 million from banks, and about £277 million of the invoices remain unpaid. By diverting proceeds to other accounts, the CEO allegedly concealed the liquidity crisis from lenders and investors. The court documents highlight a presentation at the Dorchester Hotel where the CEO showed a chart that hid half of the securitisation facility’s usage.

The allegations stem from a Dorchester Hotel briefing where Soosaipillai showed a chart underplaying the use of a £739 million securitisation facility, misleading lenders HSBC and JPMorgan. He also diverted £23.5 million of company loans into a personal account and paid £7.8 million in dividends during 2023‑24, payments the board says would not have occurred had the fraud been known.

Soosaipillai denies the claims, saying he acted in good faith to protect the refinery amid a market downturn. The collapse has rattled UK credit markets, prompting banks to set aside provisions after similar fraud cases at First Brands Group, Tricolor and Market Financial Solutions. Administrators seek a full audit of the SPV and liquidation of the remaining invoice portfolio, aiming to recover losses for creditors.