British hedge fund trader Sanjay Shah has been ordered to pay Denmark's tax authority Dh4.6 billion ($1.25bn).
The Dubai Court of Appeal issued the ruling as part of a civil case that was filed by Denmark's tax authority (Skat) four years ago.
The verdict came only two days after Dubai Court refused Denmark's request to extradite him over an alleged $1.7bn tax fraud.
"The Danish Tax Agency has taken note of the outcome of the court ruling with satisfaction and is pleased that a decision has now been made in relation to one of the central players in the tax dividend case," the agency told Reuters in an email.
The ruling says an amount of Dh4.6bn, with 5 per cent interest accrued from the date the case was lodged, must be paid to Danish authorities.
Skat accused Mr Shah of being a key player in a scheme in which foreign businesses pretended to own shares in Danish companies to claim tax refunds for which they were not eligible.
The scheme involved 126 fake companies.
Acting on behalf of the Danish authorities, OGH Legal, a Dubai law firm instructed by Pinsent Masons LLP, first filed the case before Dubai courts in August 2018.
One month before the case was filed, an asset freezing order against Mr Shah was issued by Dubai authorities.
The ruling on Wednesday convicted Mr Shah and others, who were not identified, of unlawfully obtaining money from Skat between 2012 and 2015.
It stated that Danish authorities were seeking to recover an amount of Dh7bn from Mr Shah and his accomplices.
It also said the case file included nine million documents.
An initial ruling by the Court of First Instance dismissed the claim in August 2020, after which the case was taken to the Court of Appeal.
In March last year, a court-appointed panel of three experts were given the task of analysing the case.
The panel presented its report, naming some of the foreign businesses that were involved in the scheme, including how much money was illegally obtained from Skat in their accounts.
The ruling can be appealed within 60 days.
In response to the ruling the Danish Tax Authority said: “The Danish Tax Agency has taken note of the result of the judgment with satisfaction and is happy that a decision has now been made in relation to one of the central players in the dividend case.
“The decision once again confirms that the tax agency's strategy for civil litigation is correct, and the tax agency looks forward to the next step in the large case complex.”
Mr Shah’s extradition case has been referred to the Court of Cassation, which means it has been appealed by the public prosecutor.
BUNDESLIGA FIXTURES
Saturday
Borussia Dortmund v Eintracht Frankfurt (5.30pm kick-off UAE)
Bayer Leverkusen v Schalke (5.30pm)
Wolfsburg v Cologne (5.30pm)
Mainz v Arminia Bielefeld (5.30pm)
Augsburg v Hoffenheim (5.30pm)
RB Leipzig v Bayern Munich (8.30pm)
Borussia Monchengladbach v Freiburg (10.30pm)
Sunday
VfB Stuttgart v Werder Bremen (5.30pm)
Union Berlin v Hertha Berlin (8pm)
The biog
DOB: March 13, 1987
Place of birth: Jeddah, Saudi Arabia but lived in Virginia in the US and raised in Lebanon
School: ACS in Lebanon
University: BSA in Graphic Design at the American University of Beirut
MSA in Design Entrepreneurship at the School of Visual Arts in New York City
Nationality: Lebanese
Status: Single
Favourite thing to do: I really enjoy cycling, I was a participant in Cycling for Gaza for the second time this year
UAE currency: the story behind the money in your pockets
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The biog
Name: Abeer Al Bah
Born: 1972
Husband: Emirati lawyer Salem Bin Sahoo, since 1992
Children: Soud, born 1993, lawyer; Obaid, born 1994, deceased; four other boys and one girl, three months old
Education: BA in Elementary Education, worked for five years in a Dubai school
SPECS
%3Cp%3E%3Cstrong%3EEngine%3C%2Fstrong%3E%3A%202-litre%20direct%20injection%20turbo%20%0D%3Cbr%3E%3Cstrong%3ETransmission%3C%2Fstrong%3E%3A%207-speed%20automatic%20%0D%3Cbr%3E%3Cstrong%3EPower%3C%2Fstrong%3E%3A%20261hp%20%0D%3Cbr%3E%3Cstrong%3ETorque%3C%2Fstrong%3E%3A%20400Nm%20%0D%3Cbr%3E%3Cstrong%3EPrice%3C%2Fstrong%3E%3A%20From%20Dh134%2C999%26nbsp%3B%3C%2Fp%3E%0A
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Getting there
The flights
Flydubai operates up to seven flights a week to Helsinki. Return fares to Helsinki from Dubai start from Dh1,545 in Economy and Dh7,560 in Business Class.
The stay
Golden Crown Igloos in Levi offer stays from Dh1,215 per person per night for a superior igloo; www.leviniglut.net
Panorama Hotel in Levi is conveniently located at the top of Levi fell, a short walk from the gondola. Stays start from Dh292 per night based on two people sharing; www. golevi.fi/en/accommodation/hotel-levi-panorama
Arctic Treehouse Hotel in Rovaniemi offers stays from Dh1,379 per night based on two people sharing; www.arctictreehousehotel.com
The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
Fund-raising tips for start-ups
Develop an innovative business concept
Have the ability to differentiate yourself from competitors
Put in place a business continuity plan after Covid-19
Prepare for the worst-case scenario (further lockdowns, long wait for a vaccine, etc.)
Have enough cash to stay afloat for the next 12 to 18 months
Be creative and innovative to reduce expenses
Be prepared to use Covid-19 as an opportunity for your business
* Tips from Jassim Al Marzooqi and Walid Hanna
Off-roading in the UAE: How to checklist
