Danes Failed to Heed Cum-Ex Warnings Before Hedge Fund Trades

May 19, 2020, 9:53 AM

Danish authorities failed to heed a warning on a tax scheme that spiraled into alleged fraud of more than 12 billion kroner ($1.8 billion), according to a newly-disclosed internal audit.

A 2010 report for the Danish tax office warned that its oversight was insufficient and three prior investigations hadn’t been pursued on the controversial tax refund plan, known as Cum-Ex. The report came two years before hedge fund founder Sanjay Shah, the purported mastermind of the fraud, started trading.

The document was disclosed as part of a London court case the tax agency brought against Solo Capital Partners founderShah ...

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