Hedge fund founder fears he can’t pay legal bills in tax case with Denmark

A hedge-fund founder at the center of a Danish cum-ex probe says he’s worried that he won’t be able to pay his lawyers in the USD 2 billion case after he had his USD 20 million London home frozen.

Photo: Thomas Borberg

Lawyers for Sanjay Shah told a London court Friday that the commercial issues underlying a lawsuit being brought against him by Danish authorities “impact significantly” on his ability to “maintain legal representation.” Shah is accused by the Danes of being the “mastermind” of a tax scheme that spiraled into alleged fraud.

Denmark is also pursuing cases in the U.S. and Dubai as it steps up its bid to recoup millions in lost tax revenue. Both Denmark and Germany have been at the center of widening scandal over the use of a loophole on dividend payouts to avoid taxes.

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