Search Site

Trends banner

‘Wadeem’ sold out for $1.49bn

This is the highest Abu Dhabi real-estate release to date.

Tesla Q2 sales down 13.5%

Shares rally after the disclosure, better than some forecasts.

TomTom cuts 300 jobs

The firm said it was realigning its organization as it embraces AI.

Aldar nets $953m in sales at Fahid

Aldar said 42 percent of the buyers are under the age of 45.

Qualcomm to Alphawave for $2.4 bn

The deal makes Alphawave the latest tech company to depart London.

UAE rejects Denmark’s extradition request for fraud accused Briton

Hedge fund trader Sanjay Shah was arrested in June by Dubai police on Denmark's request. (WAM)
  • "I can confirm that the request was denied on the grounds of insufficient information from Denmark," Kare Pihlmann, lawyer of the accused said.
  • Danish Justice Minister Mattias Tesfaye has said that Copenhagen intends to appeal the decision by a court in Dubai, if the legal basis is sufficient.

Dubai, UAE – A Dubai court on Monday rejected Denmark’s extradition request for a Briton accused of robbing the Danish state of 1.7 billion euros ($1.72bn) through tax fraud, one of his lawyers told AFP.

Hedge fund trader Sanjay Shah was arrested in June by Dubai police on Denmark’s request.

He is accused of running a scheme for three years from 2012 in which foreign firms pretended to own shares in Danish companies and claimed tax refunds.

“I can confirm that the request was denied on the grounds of insufficient information from Denmark,” Kare Pihlmann, lawyer for the 52-year-old British financier, told AFP.

Danish Justice Minister Mattias Tesfaye has said that Copenhagen intends to appeal the decision by a court in Dubai, if the legal basis is sufficient to do so.

Shah has said he is not guilty and claims he did not violate Danish law, according to Emirati media.

Police in the Gulf emirate said in June that Shah was arrested “with the aim of subsequent extradition for prosecution in Denmark.”

They said the arrest was carried out in close cooperation with Emirati authorities and under a bilateral extradition treaty signed in March 2022.