The flowery tax scheme, which ran for 3 years starting in 2012, allegedly concerned overseas companies pretending to personal shares in Danish corporations and claiming tax refunds for which they weren’t eligible.
“After all we are going to attempt to get him (out) on bail now instantly,” Shah’s lawyer, Ali al-Zarooni, advised The Related Press from the Dubai courthouse.
The 52-year-old financier has maintained his innocence in previous interviews with journalists however by no means appeared in Denmark to reply accusations. Al-Zarooni had contested the extradition, arguing the Nordic nation had “breached” the foundations of worldwide extradition treaties in unspecified methods. He declined to elaborate on Monday.
Shah’s life-style on Dubai’s luxurious palm-shaped island over the previous few years had sparked outrage in Denmark. After Danish authorities signed an extradition settlement with the UAE, Dubai police arrested Shah in June. Shah is considered one of a number of suspects within the tax scheme sought by Danish authorities.
Throughout his time in Dubai, the hedge fund supervisor ran a middle for autistic kids that shut down in 2020 as Denmark tried to extradite him. He additionally oversaw a British-based charity, Autism Rocks, which raised funds via concert events and performances.
His arrest comes as stress grows on Dubai, the area’s monetary hub, over its alleged weaknesses in combating illicit finance. The UAE, a federation of seven sheikhdoms, has lengthy invited the rich, together with disgraced public figures, to spend money on the nation with out questioning the place they made their cash. Scrutiny of Dubai has intensified because the flashy city-state turns into a haven for Russian cash amid Moscow’s warfare on Ukraine.
In current months, nonetheless, the UAE has arrested a number of suspects wished for main crimes, together with two of the Gupta brothers from South Africa, accused of facilitating huge public corruption and draining state sources with former President Jacob Zuma. An Emirati official additionally just lately turned president of Interpol, the worldwide police company.
Related Press author Isabel DeBre in Dubai contributed to this report.