Hedge-Fund Trader Shah Wins Denmark Extradition Fight
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(Bloomberg) --
Hedge-fund trader Sanjay Shah, who was arrested in Dubai earlier this year, won’t be extradited to Denmark to face charges in connection with a $1.9 billion cum-ex case.
A Dubai court ruled in favor of Shah on Monday, Bjoern Gercke, his German lawyer said without giving any more detail on the decision. Local media reported that Denmark lost on an administrative technicality.
Danish prosecutors have alleged that Shah was the mastermind behind a scam involving a global network of bankers, lawyers and agents who illegally sought refunds on dividend taxes they never paid, on stocks they never owned. Shah has consistently maintained his innocence.
Denmark and the United Arab Emirates signed an extradition deal in March, with Shah’s handover being one of the main purposes. The Associated Press reported the decision earlier.
Denmark said it plans to appeal the court’s decision if there’s legal basis to do so, justice minister, Mattias Tesfaye, said, according to newswire Ritzau.
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