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 New York Post, quoting neighbours and relatives, identified the couple as Nanda Balo Persaud and Bono Salima 'Sally' Persaud. The body of their son Devon Persaud, 22, was found only the next day.
The CDC's advisory panel on Saturday unanimously recommended the Pfizer-BioNTech vaccine for children aged 6 months through four years, as well as the Moderna vaccine for children aged 6 months through five years.
Metropolitan Police Chief Robert Contee told reporters that a 15-year-old was killed while three adults -- two civilians and one police officer -- were wounded but are expected to survive.
Newport News Police Chief Steve Drew that a customer who visited the 7-Elven store found no one was working and called police, WTKR said. When police went there they found Patel, 52, and Logan Edward Thomas, 35, dead at the store attached to a petrol station, Drew said.
The outside experts voted unanimously that the benefits of the shots outweigh any risks for children under 5 — that’s roughly 18 million youngsters. They are the last age group in the U.S. without access to COVID-19 vaccines and many parents have been anxious to protect their little children.
Fauci is Biden’s chief medical adviser and director of the National Institute of Allergy and Infectious Diseases. He was a leading member of the White House coronavirus task force under former President Donald Trump.
