A Dubai courtroom has ordered Sanjay Shah, his spouse, and corporations tied to the hedge fund dealer to repay Denmark greater than 4.6 billion dirhams ($1.26 billion).
The appeals courtroom overturned a previous ruling this week saying Shah should pay the sum with 5% curiosity from the day of the choice. The Danish tax company, which confirmed the ruling, stated it “is happy with the choice of the appellate courtroom in opposition to one of many central gamers within the fraud dedicated in opposition to Denmark.”
Denmark has sought to claw again greater than $2 billion that authorities stated it was defrauded out of by networks of bankers, legal professionals and others. Shah was named because the mastermind of the scheme through which pension plans filed for tax returns to which they weren’t entitled, as a result of they by no means paid the taxes to start with. Shah, a British nationwide, has at all times maintained his innocence.
Sanjay Shah walks in entrance of the Atlantis Resort on the Palm Jumeriah in Dubai.
Christopher Pike/Bloomberg
Jack Irvine, a spokesman for Shah, stated that his legal professionals intend to lodge an attraction. OGH Authorized, which acted for the Danish tax authority, declined to remark. Dubai publication The Nationwide reported the ruling on Thursday.
The opposite events within the case embody Shah’s spouse, Usha, and his agency Solo Capital Companions Ltd.
The judgment comes simply days after one other courtroom dominated Shah should not be extradited to Denmark to face prices in reference to the cum-ex case. Denmark and the United Arab Emirates signed an extradition deal in March, with Shah’s handover being one of many foremost functions.
Dubai’s legal professional basic is interesting the choice, the emirate’s media workplace stated Friday.