2023-05-17 18:51:56
Posted
DubaiUK trader ordered to pay 1.2 billion euros in Denmark
The suspect is accused of helping to fraudulently obtain refunds from the Danish tax authorities for three years.
For three years, the trader allowed foreign companies to claim that they owned shares in Danish companies and could therefore claim back taxes.
photo d’illustration REUTERS
In Dubai, a court ordered a British trader, accused of massive fraud, to pay around 1.2 billion euros to the tax authorities of Denmark. The suspect, arrested in June by the Dubai authorities, is accused of having helped companies to fraudulently claim refunds from the Danish tax authorities.
For three years it allowed foreign companies to claim that they owned shares in Danish companies and could therefore claim back taxes. Dubai’s highest court ordered him to pay “4643 billion dirhams”, or 1.16 billion euros. He must also pay 5% interest on this sum, with the date of the beginning of August 2018, the period in which the proceedings were initiated.
In total, the sum he must repay will be around 1.5 billion euros, the equivalent of the losses recorded by the Danish tax authority due to this fraud.
The defendant claims not to have violated Danish law
“This final judgment, after nearly five years of legal proceedings, underscores the UAE’s uncompromising stance against financial crimes,” said OGH Legal, a firm in Dubai acting on behalf of the Danish government.
The accused claims not to be guilty of this fraud and not to have violated Danish law, according to the Emirati media. He was arrested under a bilateral extradition treaty, signed in March 2022.
(AFP)
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