The mobile network and radio station operator Lycamobile risks being struck off the register of UK companies after failing to file its accounts on time.
The company, founded by British Sri Lankan tycoon Subaskaran Allirajah, currently faces the possibility of a near-£10 million bill from HM Revenue and Customs over an unpaid tax bill and has missed a deadline to publish accounts for the last financial year by two months, the Guardian reports.
Companies House has reportedly sent a number of warning letters to the company and may list it for late filing in the London Gazette early next month, after which Lycamobile faces being struck off the register of businesses within two months.
The company, whose overseas calling cards and international airtime has become ubiquitous especially among South Asian consumers in Britain, is one of the fastest growing telecoms firms in the country.
Allirajah has become a prominent presence within the South Asian community, sponsoring dozens of award ceremonies and other cultural events.
His company has also become a major donor to the Conservative Party and is regularly pictured with Prime Minister David Cameron.
Mr Allirajah was seen sitting behind Mr Cameron when Indian Prime Minister Narendra Modi addressed both houses of the British Parliament in November.
The company’s total donations to the Tories since 2011 have topped £1.5 million.
In 2013 Lycamobile took over a number of radio frequencies previously operated by Sunrise Radio in London.
Along the way however, Mr Allirajah and Lycamobile have faced a string of questions over its financial affairs.
Campaigners in Mr Allirajah’s native Sri Lanka claim that his company has, at various times laundered money for the now-defunct separatist group the Liberation Tigers of Tamil Eelam as well as former President Mahinda Rajapakse who helmed the campaign to vanquish the rebels after a thirty-year Civil War.
Lycamobile has also faced accusations of widespread tax evasion.
Accounts from 2014 reveal that Lycamobile paid £108m to a subsidiary based in the Portuguese tax haven of Madeira apparently for mobile phone airtime.
The latest available accounts for this Portuguese division seen by the Guardian show it had just four employees, despite reporting £433m of turnover.
Accounts for another Lyca Holding Company reveal that HMRC has raised “initial inquiries” over £9.5m in potentially unpaid tax.
In 2014, an investigation by BuzzFeed revealed that Lycamobile employees regularly dropping off bags full of cash with some containing a quarter of a million pounds at the Post Office.
The company claimed the deposits were “day-to-day” banking sanctioned by the Post Office.