Dubai court has ordered Sanjay Shah and several other people and companies tied to the hedge fund trader to repay Denmark USD 1.3 billion.
Sanjay Shah is the alleged mastermind behind a scam known as ‘cum-ex trading’. The alleged scam, which ran for three years since 2012, involved submitting thousands of applications to the Danish Treasury on behalf of investors and companies from several countries around the world in order to receive dividend tax refunds. Refunds to which they were not entitled, seeing that they never paid the taxes in the first place.
Shah, who was arrested in Dubai earlier this year, will not be extradited to Denmark to face charges in connection cum-ex case.
OGH Legal’s onshore litigation team have successfully acted for the Danish Tax Authority to secure a AED 4.6 billion (USD 1.3 billion) judgement against Sanjay Shah. The team was led by founding partners Sherif Hikal (pictured left) and Mohamed ElGhatit (pictured center) and further included partners Mohamed Alsabah, Omar AlOmar and Suzanne Mounir Abdallah.
Pinsent Masons instructed OGH Legal with a team led by partner Damian Crosse (pictured right), alongside associates Sammy Nanneh and Amelia Cave.
Deloitte was also involved with a team led by partner Rana Shasha’a and directors Fouad Aoun and Abdel Rahman Almalih.