British hedge fund trader <a href="https://www.thenationalnews.com/world/dubai-hedge-fund-manager-sanjay-shah-will-not-fight-extradition-over-tax-scheme-1.1146407">Sanjay Shah</a> has been ordered to pay Denmark's tax authority Dh4.6 billion ($1.25bn). The Dubai Court of Appeal issued the ruling as part of a civil case that was filed by Denmark's tax authority (Skat) four years ago. The verdict came only two days after Dubai Court refused Denmark's request to extradite him over an alleged $1.7bn tax fraud. "The Danish Tax Agency has taken note of the outcome of the court ruling with satisfaction and is pleased that a decision has now been made in relation to one of the central players in the tax dividend case," the agency told Reuters in an email. The ruling says an amount of Dh4.6bn, with 5 per cent interest accrued from the date the case was lodged, must be paid to Danish authorities. Skat accused Mr Shah of being a key player in a scheme in which foreign businesses pretended to own shares in Danish companies to claim tax refunds for which they were not eligible. The scheme involved 126 fake companies. Acting on behalf of the Danish authorities, OGH Legal, a Dubai law firm instructed by Pinsent Masons LLP, first filed the case before Dubai courts in August 2018. One month before the case was filed, an asset freezing order against Mr Shah was issued by Dubai authorities. The ruling on Wednesday convicted Mr Shah and others, who were not identified, of unlawfully obtaining money from Skat between 2012 and 2015. It stated that Danish authorities were seeking to recover an amount of Dh7bn from Mr Shah and his accomplices. It also said the case file included nine million documents. An initial ruling by the Court of First Instance dismissed the claim in August 2020, after which the case was taken to the Court of Appeal. In March last year, a court-appointed panel of three experts were given the task of analysing the case. The panel presented its report, naming some of the foreign businesses that were involved in the scheme, including how much money was illegally obtained from Skat in their accounts. The ruling can be appealed within 60 days. In response to the ruling the Danish Tax Authority said: “The Danish Tax Agency has taken note of the result of the judgment with satisfaction and is happy that a decision has now been made in relation to one of the central players in the dividend case. “The decision once again confirms that the tax agency's strategy for civil litigation is correct, and the tax agency looks forward to the next step in the large case complex.” Mr Shah’s extradition case has been referred to the Court of Cassation, which means it has been appealed by the public prosecutor.