DUBAI, United Arab Emirates (AP) — The United Arab Emirates’ highest courtroom Tuesday ordered a British hedge fund dealer convicted of orchestrating a $1.7 billion tax fraud to pay that quantity to Denmark’s tax authority.
Financier Sanjay Shah was convicted in a decrease courtroom of masterminding a scheme that ran from 2012 to 2015. Underneath it, overseas companies pretended to personal shares in Danish corporations and claimed tax refunds for which they weren’t eligible. He was arrested in Dubai final 12 months.
Shah and his attorneys declined to touch upon Tuesday’s ruling.
The Court docket of Cassation additionally ordered Shah and a number of other overseas companies implicated within the scheme to pay 5% curiosity on the $1.7 billion accrued from when the case was first filed in August 2018.
“This conclusive ruling after a virtually five-year pursuit of justice underscores the intense and uncompromising stance of the UAE authorities towards monetary misconduct,” stated OGH Authorized in Dubai, a regulation agency appearing on behalf of Danish authorities, in a press release.
Final September, the Dubai Appeals Court docket discovered Shah and his accomplices responsible of illegally extracting cash from Danish tax authorities. His attorneys appealed that verdict to the Court docket of Cassation, which upheld the sooner ruling Tuesday and ordered Shah to pay the $1.7 billion.
In a separate ruling, Shah was ordered to be extradited to Denmark after the Dubai courtroom rejected his attraction towards deportation in April. He’s anticipated to face prosecution in Denmark on the tax fraud allegations. It wasn’t instantly clear when he can be extradited.
The 52-year-old financier has maintained his innocence in interviews with journalists however by no means appeared in Denmark to reply accusations. His protection has argued in closed-door hearings that Denmark didn’t observe the procedures specified by worldwide extradition treaties.
Shah’s arrest got here at a time when stress was rising on Dubai, the area’s monetary hub, over its alleged weaknesses in combating monetary wrong-doing. The UAE has lengthy invited the rich, together with disgraced public figures, to spend money on the nation with out questioning the place they made their cash.
Just lately, nevertheless, the UAE has arrested a number of suspects needed for main crimes, together with two brothers from South Africa, accused of facilitating huge public corruption and draining state sources with former President Jacob Zuma.
An Emirati official additionally just lately turned president of Interpol, the worldwide police company.