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Loan ‘irregularities’ led to collapse of Prax Lindsey oil refinery

Administrator was appointed after parent company State Oil was given new information about £783m loan The Prax Lindsey oil refinery collapsed after “material irregularities” were discovered in a complex £783m loan facility that funded the wider group, it has emerged.The refinery on the Humber estuary in northern England – one of just five left in the UK, – was suddenly plunged into administration in late June, prompting calls from furious government ministers for an investigation into Winston Soosaipillai, Prax Group’s oil tycoon owner. Continue reading...

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