COPENHAGEN – British hedge fund trader Sanjay Shah has been found guilty of defrauding Denmark in a billion-dollar “cum-ex” tax case, a Danish city court said on Thursday.
Shah was sentenced to 12 years in prison, the court said. Prosecutors had sought a maximum sentence of 12 years in prison.
It was not immediately clear if Shah would appeal the verdict.
The prosecution had said Shah, 54, was behind a complex trading scheme known as ‘cum-ex’ that fraudulently secured 9 billion Danish crowns ($1.27 billion) in dividend tax refunds from the Danish treasury between 2012 and 2015.
Shah has denied any wrongdoing, arguing earlier in court that he used a legal loophole, which meant the trades did not break the law, and that he should be acquitted. REUTERS
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Publish date : 2024-12-12 07:24:00
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