PETRA Diamonds said on Wednesday a UK court had ordered the winding up of one of its non-operating treasury subsidiaries over an unpaid £5.65 million corporation tax bill.
The order against Petra Diamonds UK Treasury Limited (PDUK Treasury) follows a winding-up petition brought by His Majesty’s Revenue & Customs (HMRC), which Petra disclosed on October 2.
Petra said the action related solely to PDUK Treasury and did not directly affect the group’s mining operations. However, it is assessing the implications for its financing arrangements and ongoing refinancing discussions.
The £5,647,811.32 tax liability relates to the year ended June 2025 and arose from interest income accrued on a receivable due from Ealing Management Services, another indirectly wholly owned Petra subsidiary.
Petra said the tax became payable even though PDUK Treasury had not received the accrued interest from Ealing Management Services. Neither subsidiary owns or operates any of Petra’s mines.
The court made the winding-up order at a hearing on Wednesday.
The development comes as Petra pursues refinancing discussions and conducts a broader strategic review, which could include asset sales.
The diamond miner has been under pressure from weak diamond markets and its debt position and has been restructuring its operations.
Petra said it would provide further updates on the implications of the winding-up order when appropriate.
The main cut was the second explanation that the court had made the order, which was already clear from the opening.