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Danish Court Sentences British Citizen to 6 Years in Prison for Dividend Withholding Tax Refund Fraud

05 February 2024

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Approved Changes

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Denmark

The Danish National Unit for Special Crime issued a release on 2 February 2024 announcing that British citizen Guenther Klar has been sentenced to six years in prison for his participation in the so-called "cum-ex" trading scheme that involved unlawfully claimed and obtained refunds of Danish dividend withholding tax. Denmark claims to have lost more than DKK 12.7 billion (EUR 1.7 billion) as a result of such schemes. According to the release, Klar's involvement resulted in wrongfully paid refunds amounting to DKK 320 million in the period 2012 to 2015. Klar has appealed the decision.