British financier ordered by UAE high court to repay $1.7 billion bilked in tax fraud
The United Arab Emirates' highest court has ordered a British hedge fund trader convicted of orchestrating a $1.7 billion tax fraud to pay that amount to Denmark’s tax authority
By MALAK HARB
Published - May 17, 2023, 10:07 AM ET
Last Updated - Jun 21, 2023, 06:44 PM EDT
DUBAI, United Arab Emirates (AP) — The highest court of the United Arab Emirates Tuesday ordered a British hedge fund trader convicted of orchestrating a $1.7 billion tax fraud to pay that amount to Denmark's tax authority.
Financier Sanjay Shah was convicted in a lower court of masterminding a scheme that ran from 2012 to 2015. Under it, foreign businesses pretended to own shares in Danish companies and claimed tax refunds for which they were not eligible. He was arrested in Dubai last year.
Shah and his lawyers declined to comment on Tuesday's ruling.
