Rahman Ravelli explains why the Cum-Ex storm is far from over

With British hedge fund trader Sanjay Shah on trial in Denmark in relation to Cum-Ex trading, Rahman Ravelli wrote about why the share-selling scandal shows little sign of ending.

Mr Shah is accused of Cum-Ex trading that Denmark says has cost it more than 12.7 billion Danish kroner ($1.8 billion). 

In an article published by Law360, Rahman Ravelli argue that although the controversial share-selling practice ended years ago, its effects are still being felt.

They explain that authorities in many countries were slow to realise how Cum-Ex exploited a loophole in dividend payments so that more than one party could claim tax rebates on capital gains tax, even though that tax had only been paid once at most. But they detail how those authorities are now keen to hold to account those they blame for draining their funds.

Rahman Ravelli outline the case of jailed Cum-Ex trader Anthony Mark Patterson and the scale of the legal action against Sanjay Shah. They say that some people “need to be looking very closely at their past activities and preparing their future course of action’’ in case they become the subject of Cum-Ex investigations.

The full article can be read here (subscription required).

Featured at: Law360