Markets News Report
May 18, 2023

The Hedge Fund Trader Loses Appeal Over an Order to Pay $1 Billion in Tax

In Brief

Sanjay Shah, a hedge fund trader, lost an appeal in Dubai court over an order to pay the Danish authorities more than 8.5 billion krone.

An order to pay the Danish authorities more than 8.5 billion krone ($1.24 billion) to satisfy a tax fraud allegation against Sanjay Shah, a hedge fund trader accused of masterminding the Cum-Ex tax fraud scheme, was upheld by a Dubai court.

The Hedge Fund Trader Lost His Appeal Over an Order to Pay $1 Billion in Tax

The Dubai Court of Cassation rejected an appeal from a lower court this week, the Danish tax authority said in a statement Wednesday. The authority said that it was now carrying out asset seizures.

Denmark has sought to recover more than $2 billion that officials said had been stolen from networks of bankers, lawyers, and others as part of the CumEx scandal. Shah was cited as the mastermind of the fraud, in which pension plans claimed tax returns that were not due.

A London judge recently ruled that the dividend tax refund claims at issue weren’t valid in a so-called validity trial. Shah and a group of individual traders and firms accused of earning vast sums of money from the tax trading loophole are being sued in London by Denmark, too. It is important to note that the civil proceedings do not allow any conclusions to be drawn regarding my client’s possible criminal liability, according to Shah’s German criminal defense attorney Bjorn Gercke.

Read more related articles:

Tags:

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

More articles
Nik Asti
Nik Asti

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

Hot Stories
Join Our Newsletter.
Latest News

The DOGE Frenzy: Analysing Dogecoin’s (DOGE) Recent Surge in Value

The cryptocurrency industry is rapidly expanding, and meme coins are preparing for a significant upswing. Dogecoin (DOGE), ...

Know More

The Evolution of AI-Generated Content in the Metaverse

The emergence of generative AI content is one of the most fascinating developments inside the virtual environment ...

Know More
Join Our Innovative Tech Community
Read More
Read more
Crypto Exchange Upbit To List BIGTIME And Akash Network’s AKT Tokens For Trading
Markets News Report Technology
Crypto Exchange Upbit To List BIGTIME And Akash Network’s AKT Tokens For Trading
April 23, 2024
Othentic Raises $4M Funding From Breyer Capital To Advance Development Of Modular Networks In Shared Security Environment
Business News Report Technology
Othentic Raises $4M Funding From Breyer Capital To Advance Development Of Modular Networks In Shared Security Environment
April 22, 2024
Celo Developer cLabs Proposes Launch Of Its Ethereum Layer 2 Solution On Optimism’s OP Stack
News Report Technology
Celo Developer cLabs Proposes Launch Of Its Ethereum Layer 2 Solution On Optimism’s OP Stack
April 22, 2024
ICON Integrates Its Cross-Chain DEX Balanced With Injective, Announces Regular INJ Token Purchases
Business News Report Technology
ICON Integrates Its Cross-Chain DEX Balanced With Injective, Announces Regular INJ Token Purchases
April 22, 2024