A court in Dubai has rejected an appeal from a British citizen accused of defrauding Danish tax authorities and ordered him to return over one billion dollars to Denmark, according to a court document dated yesterday, as reported by Reuters. The ruling issued by the Dubai Court of Cassation mandates British citizen Sanjay Shah to return 4.643 billion dirhams (1.3 billion dollars) plus interest at a rate of five percent to Denmark.
Danish authorities suspect Sanjay Shah of running a scheme that involved filing requests with the Danish Ministry of Finance on behalf of investors and companies from around the world to reclaim taxes on cash profits exceeding nine billion Danish kroner (1.32 billion dollars). Authorities claim the scheme allowed investors to recover taxes twice.
The Danish Tax Authority stated it was satisfied with the ruling. It added, "The Supreme Court of Dubai rejected Sanjay Shah's appeal on Tuesday, reaching the conclusion of the case against him in Dubai." Since Shah's detention by authorities in Dubai in June last year, his case has gone through several levels of litigation, and the UAE stated in April that it had begun extradition procedures to Denmark.
