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An order to pay the Danish authorities greater than 8.5 billion krone ($1.24 billion) to fulfill a tax fraud allegation in opposition to Sanjay Shah, a hedge fund dealer accused of masterminding the Cum-Ex tax fraud scheme, was upheld by a Dubai courtroom.
The Dubai Court docket of Cassation rejected an enchantment from a decrease courtroom this week, the Danish tax authority stated in an announcement Wednesday. The authority stated that it was now finishing up asset seizures.
Denmark has sought to get better greater than $2 billion that officers stated had been stolen from networks of bankers, attorneys, and others as a part of the CumEx scandal. Shah was cited because the mastermind of the fraud, by which pension plans claimed tax returns that weren’t due.
A London decide just lately dominated that the dividend tax refund claims at challenge weren’t legitimate in a so-called validity trial. Shah and a gaggle of particular person merchants and corporations accused of incomes huge sums of cash from the tax buying and selling loophole are being sued in London by Denmark, too. You will need to notice that the civil proceedings don’t permit any conclusions to be drawn relating to my shopper’s doable legal legal responsibility, based on Shah’s German legal protection legal professional Bjorn Gercke.
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