UAE extradites suspected hedge fund trader in multi-billion cum-ex case
The United Arab Emirates has extradited a suspected hedge fund trader to Denmark in a multi-billion dollar tax evasion case. British citizen Sanjay Shah has been handed over to Danish authorities, the Emirates' state news agency reported. Shah's lawyer said in a TV interview that his client would arrive in Denmark later today.
The Briton was arrested in Dubai last year. Danish authorities accuse him of having evaded 1.8 billion dollars in taxes with the help of cum-ex transactions. In this scheme, investors have capital gains tax paid on share dividends refunded several times with the help of banks. To do this, they move shares with ("cum") and without ("ex") dividend entitlement around the dividend payment date. Shah has always denied the accusations made by the Danish authorities.
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- Despite continuously denying the accusations, the British hedge fund trader Sanjay Shah, who was arrested in Dubai last year, now faces trial in Denmark for his alleged involvement in a multi-billion dollar cum-ex tax evasion case, involving the evasion of 1.8 billion dollars in taxes.
- Citizen Sanjay Shah, a suspected hedge fund trader, had his extradition approved by the United Arab Emirates and was subsequently handed over to Danish authorities, becoming the high-profile figure involved in the multi-billion dollar cum-ex-case, which includes allegations of tax evasion through complex cum-ex transactions.
Source: www.ntv.de
