On 16 May 2023, the UAE Court of Cassation ordered British hedge fund trader Sanjay Shah to pay USD 1.7 billion to the Danish tax authority (SKAT) for his role in orchestrating a tax fraud scheme that ran from 2012 to 2015 involving dividend withholding tax refunds. Shah was earlier convicted in a lower court for masterminding the scheme, which involved fraudulently claimed dividend withholding tax refunds in respect of shareholdings in Danish companies that did not actually exist. The Court …