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Dubai’s Attorney General has appealed against a ruling by the Dubai Court of Appeal which refuses Denmark’s request to extradite hedge fund trader Sanjay Shah under charges of tax fraud and money laundering connected with cum-ex trading.
In a public statement, the Attorney General, Chancellor Essam Issa Al Humaidan, indicated that he has appealed the ruling of the Court of Appeal refusing the extradition request, with the case to be referred to the Dubai Court of Cessation.
In a separate development, UAE media agencies report that Sanjay Shah and several others linked to the hedge fund trader have been ordered to repay more than US$1.1 billion (8 billion krone) to the Danish tax authorities.
The UAE and Denmark signed an extradition treaty on 15 March, with the Danish state seeking to pursue recovery of more than US$1.5 billion in losses sustained in what it termed a “well designed and organised fraud scheme” where Shah and his associates submitted more than 3000 applications to unlawfully receive dividend tax refunds from the Danish exchequer.
Shah was arrested in Dubai on 5 June.
