Dubai court orders hedge fund trader Sanjay Shah to pay $1.25bn to Danish authorities
Darpan News Desk IANS, 26 May, 2023 11:04 AM
Dubai, May 26 (IANS) A Dubai court has ordered Indian-origin hedge fund trader Sanjay Shah, convicted of tax fraud and money laundering, to pay Denmark's tax authority 4.6 billion dirhams ($1.25bn), thus rejecting a final appeal by him against a civil lawsuit, media reports said.
The Dubai Court of Cassation issued a binding ruling this month, saying Shah must pay the amount as part of a civil case that was filed by Denmark's tax authority (Skat) five years ago, The National reported.
Shah also has to pay to the Danish authorities an additional 5 per cent interest on the sum, accrued from the date the case was lodged in August 2018, the court said.
"The process of execution in terms of how this money will be paid back to Skat, has already been initiated," said OGH Legal, the Dubai firm acting on behalf of the Danish tax agency.
"This conclusive ruling after a nearly five-year pursuit of justice underscores the serious and uncompromising stance of the UAE authorities against financial misconduct," The National quoted OGH Legal as saying.
Shah, 52, who lived on The Palm Jumeirah, was arrested by Dubai Police in June last year following Denmark's extradition petition. His fraud scheme involved submitting thousands of applications to the Danish Treasury on behalf of investors and companies from several countries around the world in order to receive dividend tax refunds, according to Dubai Police.
The scheme involved 126 fake companies.
In April this year, the Court of Cassation ruled that Shah would be extradited to Denmark for prosecution over the tax fraud allegations. A UAE official said last month that the process of extraditing Shah was set to begin.
The Gurdwara in Clarence Place, Gravesend, was used as a place of worship in the early 1960s until 2008, when the community moved to new premises in Saddington Street. The old building, vacant since 2010, was saved from demolition in 2020 when councillors voted against plans to flatten it and build 19 flats.
The most recent census, says the report, shows that 15.4 per cent of British Indians, nearly 50 per cent of whom are Hindus, were in professional and managerial roles, the highest proportion of any group.
The top executive said that Micron Technologies will create 50,000 jobs in New York and partner with local colleges, universities and community organisations to build the workforce. Micron Technology is a Nasdaq-listed company that focuses on innovative memory and storage solutions.
Dhaliwal, who was 42 and had served as a sheriff's deputy for 10 years when he was killed, is survived by his wife and three children, according to Tunnel to Towers Foundation which honours the victims of the 9/11 terrorist attack on the World Trade Centre by raising funds to help families of first responders killed in action.
The casualties occured in a collision between a truck and a mini van in Connecticut state on Tuesday. According to information reaching the families of the deceased, eight persons were traveling in the mini van. While three persons died on the spot, four others sustained critical injuries while another person received minor injury.
Sunak and Murty's combined fortune is estimated to be 730 million pounds, double the estimated 300 million-350 million pounds wealth of King Charles III and Camilla, Queen Consort.
