Sanjay Shah, founder of Solo Capital, returned to the High Court in Copenhagen to appeal his 12-year prison sentence for orchestrating a billion-dollar dividend tax scam. The 56-year-old former hedge-fund trader was convicted in late 2024 for his role in Europe's largest Cum-Ex trading scandal, which defrauded Denmark of over 9 billion kroner ($1.35 billion) through sham dividend-tax refunds between 2012 and 2015. Shah maintains his innocence, arguing he exploited legal loopholes and claiming he cannot receive a fair trial after Danish ministers publicly labeled him guilty.
His lawyer emphasized the UK civil ruling against the Danish tax agency as new evidence in Shah's defense. With over 80 court hearings scheduled, a verdict is expected in spring 2027. Shah has been detained in Denmark since his 2023 extradition from Dubai.
He was the third trader convicted in the case, following Anthony Mark Patterson's eight-year sentence and Guenther Klar's reduced three-and-a-half-year term. The district court previously ruled Shah played a.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing