Dubai's highest court has rejected an appeal by British hedge fund trader, Sanjay Shah, over an earlier order to pay $1.7 billion to Denmark's tax authority over financial fraud.
He was convicted of masterminding a scheme that ran between 2012 and 2015, in which foreign firms pretended to own shares in Danish companies and claimed tax refunds unlawfully.
He was arrested in Dubai in 2022.
The Court of Cassation's decision also mandates that Shah and several implicated foreign businesses pay 5 per cent interest on the $1.7 billion, calculated from the date the case was initially filed in August 2018.
In a previous ruling by the Dubai Appeals Court last September, Shah and his accomplices were found guilty of unlawfully extracting funds from Danish tax authorities. Shah's legal team appealed the decision, which was ultimately upheld by the Court of Cassation on Tuesday, affirming the earlier ruling and ordering Shah to repay the full $1.7 billion.
Additionally, Shah has been ordered to be extradited to Denmark after his appeal against deportation was dismissed by the Dubai court in April.
It is anticipated that he will face prosecution in Denmark for the tax fraud allegations. The exact timeline for his extradition remains unclear at this time.
The United Arab Emirates has strongly condemned a car-ramming attack that occurred during a Filipino community festival in Vancouver, Canada, resulting in fatalities and injuries.
Teams from Abu Dhabi Police and the Abu Dhabi Civil Defence Authority successfully brought under control a fire that broke out on Sunday afternoon at Al Wahda Mall in Abu Dhabi.
The 32nd edition of Arabian Travel Market (ATM) will open on Monday 28th April at Dubai World Trade Centre, welcoming more than 2,800 exhibitors and over 55,000 travel professionals from 166 countries.
President His Highness Sheikh Mohamed bin Zayed Al Nahyan has sent a message of congratulations to Cyril Ramaphosa, President of the Republic of South Africa, on the occasion of his country's Independence Day.
Dubai’s Roads and Transport Authority, in partnership with Etihad Rail, has opened a 1.8 km-long flyover to improve traffic flow on Al Yalayis Street and around Dubai Investments Park (DIP).
Dubai’s Roads and Transport Authority (RTA) will be carrying out a planned emergency drill at the Gold Souq Metro Station on Sunday, April 27, between 1:00 AM and 5:00 AM.