A Dubai court on Monday refused Denmark's request to extradite British hedge fund trader Sanjay Shah over an alleged $1.7bn tax fraud.
The court requested on Friday that authorities submit the necessary documentation for the extradition.
Denmark's tax authority alleges that Mr Shah, a British citizen, was a central player in a scheme in which foreign businesses pretended to own shares in Danish companies and claim tax refunds for which they were not eligible.
In its ruling on Monday senior judge Rashid Al Smairi said that according to article (11) of the Law on International Judicial Co-operation, original copies of all official investigations carried out must be attached to the extradition request.
He said the copies must include records of witnesses’ testimonies signed by them and by police officers, details of the arrest, inspections and other evidence, such as accounting and technical reports related to proving the accusation against the person.
The case is open to appeal but lawyer Ali Al Zarouni, representing Mr Shah, told The National he believed it was unlikely Danish authorities will be successful.
“The file of the case is closed. They can't add documents in the Court of Cessation. There is no way in this file to add any papers,” said Mr Al Zarouni.
“We followed the law and the court applied the law. As I said before, there were breaches from the Danish side.
“Prosecutors [acting on behalf of Danish authorities] will most probably appeal. We will wait the period of 30 days to see what will happen.”
Mr Al Zarouni will now file for bail for Mr Shah, 52, who has been in custody since his arrest by Dubai Police in June on an international arrest warrant from authorities in Denmark.
“I don’t think there are any reasons to deny bail after this judgment. Our client has been in the country for a very long time and never tried to escape and faces what comes his way,” he said.
In January, Mr Shah, who lived on The Palm Jumeirah and ran a centre for autistic children, denied the charges and said he was operating within Danish law.
The international warrant was received by Dubai Police on January 7 and he was arrested five months later in the emirate's Al Rafaa district. He was denied bail by prosecutors in Dubai.
The arrest came after the signing of an extradition agreement between the UAE and Denmark.
Investigations by senior prosecutor Ismail Madani lasted about two months before the case was referred to court.
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
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What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
The specs
Engine: 1.6-litre 4-cyl turbo
Power: 217hp at 5,750rpm
Torque: 300Nm at 1,900rpm
Transmission: eight-speed auto
Price: from Dh130,000
On sale: now
SERIES SCHEDULE
First Test, Galle International Stadium
July 26-30
Second Test, Sinhalese Sports Club Ground
August 3-7
Third Test, Pallekele International Cricket Stadium
August 12-16
First ODI, Rangiri Dambulla International Stadium
August 20
Second ODI, Pallekele International Cricket Stadium
August 24
Third ODI, Pallekele International Cricket Stadium
August 27
Fourth ODI, R Premadasa Stadium
August 31
Fifth ODI, R Premadasa Stadium
September 3
T20, R Premadasa Stadium
September 6
Company%20Profile
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The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Company%20profile
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Venom
Director: Ruben Fleischer
Cast: Tom Hardy, Michelle Williams, Riz Ahmed
Rating: 1.5/5
Company profile
Date started: December 24, 2018
Founders: Omer Gurel, chief executive and co-founder and Edebali Sener, co-founder and chief technology officer
Based: Dubai Media City
Number of employees: 42 (34 in Dubai and a tech team of eight in Ankara, Turkey)
Sector: ConsumerTech and FinTech
Cashflow: Almost $1 million a year
Funding: Series A funding of $2.5m with Series B plans for May 2020
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
Meydan race card
6.30pm: Baniyas (PA) Group 2 Dh125,000 (Dirt) 1,400m
7.05pm: Maiden (TB) Dh165,000 (D) 1,200m
7.40pm: Maiden (TB) Dh165,000 (D) 1,400m
8.15pm: Handicap (TB) Dh170,000 (D) 1,900m
8.50pm: Rated Conditions (TB) Dh240,000 (D) 1,600m
9.25pm: Handicap (TB) Dh175,000 (D)1,200m
10pm: Handicap (TB) Dh165,000 (D) 1,400m
Should late investors consider cryptocurrencies?
Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.
They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.
“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.
He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.
Race 3
Produced: Salman Khan Films and Tips Films
Director: Remo D’Souza
Cast: Salman Khan, Anil Kapoor, Jacqueline Fernandez, Bobby Deol, Daisy Shah, Saqib Salem
Rating: 2.5 stars
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
