Author: Syedur Rahman 4 May 2021
The decision by the High Court to dismiss a Danish case brought against UK trader Sanjay Shah may have significance for other Cum-Ex investigations.
The High Court rejected Denmark’s case that Shah had defrauded the Danish tax authority of €1.9 billion between 2012 to July 2015. The reasons why this is notable were outlined by Rahman Ravelli’s Syedur Rahman in an article in Securities Finance Times.
Syedur explained that the judgment can be expected to be a major blow to other Cum-ex investigations where UK traders may be involved.
According to him, Denmark’s failure in the High Court highlights the difficulties involved in cross-border cases. It is likely to have a “serious knock-on effect’’ on any investigations into institutions and individuals that operated out of London and carried out dividend arbitrage schemes in Europe.
Syedur added that an English court cannot be expected to be confronted in English law with complex and novel foreign legal issues, which is why the ruling in the Shah cases is “hugely significant.”
Syed's comments featured in Securities Finance Times.
Syedur Rahman is known for his in-depth experience of serious fraud, white-collar crime and serious crime cases, as well as his expertise in worldwide asset tracing and recovery, civil recovery, cryptocurrency and high-stakes commercial disputes.