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 also ordered Shah and several foreign businesses implicated in the scheme to pay 5% interest on the USD 1.7...