BRITISH HEDGE FUND TRADER LANDS IN DENMARK AFTER EXTRADITION FROM UAE



After being extradited from the United Arab Emirates, a British hedge fund trader arrived in Denmark on Wednesday to face charges of filing fraudulent claims for dividend tax refunds totaling 1.44 billion pounds ($1.8 billion).


After Danish authorities requested that Sanjay Shah be extradited due to his suspected involvement in "cum-ex" tax fraud schemes, for which the British national is the primary suspect, Sanjay Shah was taken into custody by Dubai police last year. He refutes any misconduct.



"Shah was extradited to Denmark's security mission, according to legal procedures, based on a decision by the Court of Cassation in Dubai and the resolution by the Minister of Justice, who approved the extradition," WAM, the state-run news agency of the UAE, stated.

According to a statement from the government, Danish prosecutors will request that Shah be detained in police custody until the commencement of his trial on January 8.




Justice Minister Petter Hummelgaard stated, "This is one of our biggest and most serious cases of financial fraud."

In a subsequent press conference, Hummelgaard stated, "No one is guilty until they have been convicted."

After the 2008 financial crisis, cum-ex schemes were popular. They entailed quickly moving shares around a group of banks, investors, and hedge funds in order to take advantage of tax laws in nations including Denmark, Germany, and Belgium.




Justice Minister Petter Hummelgaard stated, "This is one of our biggest and most serious cases of financial fraud."

In a subsequent press conference, Hummelgaard stated, "No one is guilty until they have been convicted."

After the 2008 financial crisis, cum-ex schemes were popular. They entailed quickly moving shares around a group of banks, investors, and hedge funds in order to take advantage of tax laws in nations including Denmark, Germany, and Belgium.


The UK Supreme Court ruled last month that Shah had lost his last attempt to stop Denmark's tax authorities from suing him and other defendants in London for the alleged offenses. This opened the way for a year-long civil trial to start in April of next year.

$1 equals 0.7940 pounds.

One dollar is equivalent to 6.9183 Danish crowns.

Reporting from Copenhagen by Jacob Gronholt-Pedersen and Dubai's Hadeel Al Sayegh Louise Rasmussen and Sinead Cruise contributed additional reporting. Sonali Paul and Mark Potter edited.


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