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UAE extradites British trader Sanjay Shah to Denmark

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British trader Sanjay Shah has been extradited from the United Arab Emirates to Denmark to face tax fraud charges totaling £1.46 billion. The charges stem from alleged fraudulent share trading schemes conducted by Solo Capital, the hedge fund Shah founded. Despite living in Dubai, Shah denies any wrongdoing, asserting that the trades in question were legal. Denmark, heavily impacted by “cum-ex” schemes, alleges that Solo Capital engaged in fraudulent activities between 2012 and 2015. The Danish authorities are seeking to recover the substantial sum, which accounts for nearly 0.5% of the country’s GDP.

In the legal proceedings, Shah, who lost his job as a trader during the 2008 financial crisis, is considered the primary suspect. Prosecutors in Denmark are pushing for him to be held in custody until his trial, scheduled for January of next year. Since 2020, Danish authorities have aggressively pursued Shah, leading to the freezing of much of his fortune, including a £15 million central London property. Despite an extravagant lifestyle in Dubai, where he resided on the exclusive Palm Jumeirah island and hosted charity events with renowned musicians like Elton John and Drake, Shah has faced mounting legal challenges.

Sanjay Shah’s legal battles are part of a broader crackdown on “cum-ex” fraud in Denmark. In a separate case in November, Guenther Klar, a British national who worked for Solo Capital between 2010 and 2012, went on trial in Denmark—the country’s first court case over cum-ex fraud. Klar, extradited from Belgium, faces accusations of defrauding the government of £37 million. He maintains his innocence, marking another chapter in Denmark’s efforts to address financial misconduct within the realm of cum-ex schemes. Despite facing challenges in the UK Supreme Court, Shah’s extradition and the ongoing legal proceedings underscore Denmark’s commitment to pursuing those involved in financial fraud, irrespective of their location.

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Shakira Faces Second Round of Tax Crime Allegations

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Colombian pop sensation Shakira finds herself facing another round of legal troubles as the Spanish government has charged her with tax evasion for the second time. The allegations come from prosecutors in Spain, who claim that the singer defrauded the state of a staggering €6.7 million ($7.1 million, £5.8 million) in 2018.

The charges stem from Shakira’s alleged failure to declare millions in advance payments related to her El Dorado World Tour and other earnings. The Spanish prosecutors initiated this second investigation in July 2023, finally releasing the details to the public.

Shakira, who is now 46 years old, is reportedly aware of the new charges. However, her legal team in Miami, where she currently resides, has not yet been officially notified. Their primary focus has been on preparing for the trial related to the 2012-2014 fiscal years, scheduled to begin on November 20.

The core issue in the new charges revolves around Shakira’s residency in Barcelona with her partner, football star Gerard Piqué, in 2018. Spanish tax authorities argue that she was obliged to declare all her international earnings in Spain at the time. They contend that instead of complying, she diverted her income to “companies domiciled in countries with low taxation and high opacity.”

This is not the first time Shakira has faced such allegations. She already faces a trial over six separate alleged tax crimes in Barcelona this November, where she has been accused of failing to pay €14.5 million ($15.3 million, £12.6 million) in taxes between 2012 and 2014. Shakira has consistently denied any wrongdoing and expressed confidence in her case, stating in September that she has enough evidence to support her innocence and believes justice will ultimately rule in her favor.

Picture Courtesy: Google/images are subject to copyright