Accused British fraudster maintains he was merely playing the game according to the rules – The Post

Accused British fraudster maintains he was merely playing the game according to the rules

When is fraud not fraud – when it is facilitated by gross negligence on the part of the authorities, perhaps

Some times the best form of defence is attack when you’ve been accused of making 12.7 billion kroner disappear (Sanjay Shah/YouTube)
May 21st, 2019 4:20 pm| by Stephen Gadd

Not surprisingly, the Dubai-based British businessman Sanjay Shah at the centre of the biggest tax fraud case in Danish history has denied all charges.

Back in 2018 the Danish tax authority SKAT (now Skattestyrelsen) formally brought charges in a London court in an attempt to claw back some of the 12.7 billion kroner that had been paid out to Shah and an international network of investment banks and private individuals based abroad.

In a 204-page document rebutting the charges, Shah through his lawyer asserts that everything was done by the book, reports DR Nyheder.

Locking the stable door
Shah claims he only exploited loopholes in the law that other European countries had managed to close. In a robust defence he blames SKAT and the Danish government for not being sufficiently awake to their vulnerability to dividend arbitrage, which is based on exploiting such loopholes.

READ ALSO: Missing billions a headache for Danish tax authority

“Other governments in Europe have taken steps to limit this type of deal. Through this lawsuit, SKAT is attempting to change Danish law retroactively to hide its own mistakes,” the document asserts.

Legal eagles in tow
Additionally, Shah points out that he received legal advice from prominent Danish lawyers, including the law firm Plesner.

However, the company disputes this. “I reject the notion that we have advised Sanjay Shah or his companies on matters related to dividend tax,” one of Plesner’s partners, Tom Kristjánsson, told DR Nyheder.

Neither Skattestyrelsen nor tax minister Karsten Lauritzen have made any comment regarding Shah’s protestations of innocence, with the latter pointing out that the case is still ongoing.