Danish tax authority loses London tax fraud case

Denmark’s Tax Authority lost a London case for defrauding the Scandinavian state against Sanjay Shah’s risk protection fund and others with a blow to his efforts to compensate for big tax losses from “Cum-EX” programs.

The case was worth 1.44 billion pounds (A2.94 billion).

Skatteforvaltningen (Skkat) filed a lawsuit against Shah and Solo Capital in 2018, Shah and Solo Capital’s dividend tax fraud allegations on Cum-EX, and filed a lawsuit against Shah and the Solo Capital Investment Fund, which is currently destroyed.

After a hearing that started last year, Judge Andrew Baker decided that none of the allegations of more than 4000 tax refunds examined in court are valid under the Danish Tax Law and that the Scanat would have the right to pay any of them.

However, Baker said that Scanat was not misleaded by the Shah and others between 2012-2015.

In a summary of the decision, there were “almost rotten controls to almost disappear”.

“Sanjay Shah and others were able to help themselves for a reserve and helped them because they helped them,” he added.

Cum-EX schemes developed after the 2008 credit crisis.

In order to benefit from the gaps in the tax systems of countries such as Denmark, Germany and Belgium, before and after the stock payment of the stock, banks were rapidly receiving stocks between investors and a union of financial risk protection funds.

Following the Shah for years and forcing him to be returned from Dubai in 2023, Skkat said he would ask for an objection.

“The tax authority does not strongly participate in the building of the decision and is now trying to object to it.” He said.

The decision comes 10 months after a Danish court sentenced Shah to 12 years in prison for dividend tax fraud after a parallel criminal case imposed by Skkat. He is attractive.

Chris Waters, a lawyer representing the Shah in Meaby & Co, welcomed the judiciary as a “overwhelming victory”.

Syed Rahman, a lawyer who was not involved in the case in Rahman Ravelli, said the decision was a “destructive blow” for Patin.

The London decision comes after a US jury made in February after the US’s first civilian hearing on Cum-EX transactions on the Patatist $ 500 million (A756 million dollars).