Denmark loses $1.9 billion fraud case in London’s High Court

Danish tax authority loses $1.9bn London ‘cum-ex’ tax fraud case

Denmark’s tax authority SKAT has lost its $1.9bn London lawsuit against hedge fund manager Sanjay Shah and his defunct firm Solo Capital, marking a major setback in its long-running effort to recover losses tied to cum-ex dividend tax schemes, according to a report by Reuters. London’s High Court ruled that none of the 4,000-plus tax refund claims at the centre of the case were valid under Danish law, but found SKAT’s own oversight systems were …

Denmark loses $1.9 billion fraud case in London’s High Court

London — Denmark lost a major fraud case in London’s High Court on Thursday, in a setback to its efforts to recover 12.1 billion kroner ($1.9 billion) linked to one of Europe’s largest tax scandals. The Danish tax authority, Skat, had filed the case to reclaim funds allegedly stolen through fraudulent dividend tax rebate claims under the so-called cum-ex schemes. These schemes involve the rapid trading of shares around dividend dates, obscuring …

Denmark loses lawsuit over tax dividend scandal

The decision is a blow to the efforts of the Danish tax agency, known as Skat, to $1.9 billion it said it lost to hedge funds and traders.