Danish Tax Authority Wins in Dubai Court of Cassation Cum-Ex Dividend Case against Shah

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Friday, May 26, 2023
Bruce Zagaris

On May 17, 2023, the Danish Tax Authority (Skattestyrelsen or SKAT)  won a final verdict in the Supreme Court  (also known as the Court of Cassation) in Dubai when the court denied an appeal from Sanjay Shah, the alleged mastermind and ringleader of the fraud.  As a result, Shah must repay DKK 8.5 billion (approximately US 1.2 billion).  The verdict is the first final verdict in favor of the Danish Tax Authority, which has brought several cases in various foreign courts.[1]

[1]    Danish Tax Authority, First final verdict in the dividend case:  Sanjay Shah must repay more than DKK 8.5 billion to Denmark, May 17, 2023.