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Dubai court tells trader and wife to repay USD 1bn to Denmark

The Danish tax agency is satisfied with the decision but a spokesman for the trader says his lawyers intend to lodge an appeal.

Sanjay Shah. | Photo: CHRISTOPHER PIKE/AP

A Dubai court has ordered Sanjay Shah, his wife, and companies tied to the hedge fund trader to repay Denmark more than 4.6 billion Emirati Dirhams (EUR 1.25bn).

The appeals court overturned a prior ruling last week saying Shah must pay the sum with 5% interest from the day of the decision. The Danish tax agency, which confirmed the ruling, says it “is satisfied with the decision of the appellate court against one of the central players in the fraud committed against Denmark.”

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