Danish tax fraud suspect tells court he used legal loophole [Reuters]
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Source: Reuters
first week on trial in Denmark that he used a legal loophole to execute a complex trading scheme reminiscent of a ballet performance. Shah, 53, stands accused of being the mastermind behind fraudulently securing dividend tax refunds from the Danish treasury via trading schemes, known as 'cum-ex', between 2012 and 2015. He pleaded not guilty when the trail began last week in a court outside Copenhagen. The scheme involved trading shares rapidly between banks, investors and hedge funds around dividend payout day, creating an illusion of numerous owners, each seemingly eligible for tax refunds on dividends. Denmark estimates it lost 12.7 billion Danish crowns ($1.9 billion) in total. Such schemes are estimated to have stripped state coffers in European countries, including Germany, Austria and Belgium, of billions of euros. Shah outlined how his London-based hedge fund Solo Capital Partners directed a closed "spiderweb" of trades. "This involves taking advantage of a legal loop
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