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{{AfDM|page=Sanjay Shah (2nd nomination)|year=2019|month=August|day=29|substed=yes|origtag=afdx}}
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{{For|the former Kenyan national|British Overseas citizen#Future of British Overseas citizenship}}
{{For|the former Kenyan national|British Overseas citizen#Future of British Overseas citizenship}}


Revision as of 07:46, 29 August 2019

AfD: Nominated for deletion; see Wikipedia:Articles for deletion/Sanjay Shah (2nd nomination)


For the former Kenyan national, see British Overseas citizen § Future of British Overseas citizenship.

Sanjay Shah (born September 11, 1970 in London) is a Dubai-based businessman. He is the founder of hedge fund firm Solo Capital,[1] which closed in 2016,[2] and philanthropic organization Autism Rocks.[3]

Philanthropic activities

Shah's youngest son, Nikhil,[4] was diagnosed with autism in 2011.[5] After working with therapists and medical experts for many years, he decided to do something to raise awareness about autism and founded Autism Rocks in 2014.[6] Autism Rocks conducts music gigs worldwide to raise funds for charity and to create awareness about autism.

Tax fraud

Shah is the prime suspect in a case regarding the Danish Government being allegedly defrauded for 1.65 billion euros (12.7 billion DKK).[1][7][8] The alleged tax fraud took place between 2012 and 2015[9] and is the largest in the history of Denmark.[10] He is also the prime suspect in similar alleged tax fraud cases involving more than 200 million euros and 65,000 euros (580,000 NOK) in Belgium and Norway respectively.[11][12][13][14] An additional 300 million euros in Belgium and 40 million euros (350 million NOK) in Norway were only stopped because of warnings from the Danish authorities.[11][12][13][14] In addition to these countries, he is being investigated by Germany and the UK via Eurojust, and by the US Treasury Department, as it is suspected that some of the money were funneled through US pension funds.[7][13][15] Shah's London-based hedge fund Solo Capital was closed in 2016 amid the investigation by Danish authorities,[2] while his London home and offices were raided by the British National Crime Agency, and Varengold Bank (co-owned by Shah) was raided by German authorities.[10][16] As of December 2016, about 300 million euros had been seized by the Danish police (in cooperation with foreign police forces).[17] Shah was investigated in regards to the case in 2015,[18] and in 2017 two suspected co-conspirators were also charged by the Danish authorities.[19] Shah resides in Dubai and extradition of a possible suspect from this emirate would be very difficult.[13][20]

Sanjay Shah has denied any wrongdoing.[2]

In papers lodged in London’s High Court as part of a civil case brought by the Danish tax authority Skat, Mr Shah’s lawyers rejected the allegations against him. A 204-page defence statement said: “Solo Capital Partners, Mr Shah’s firm, provided clearing services for clients to engage in lawful and legitimate trading strategies that were conducted at all times in accordance with Danish law: doing so was neither dishonest nor unlawful. “This case has caused significant embarrassment to Skat and to the Danish government generally, particularly because dividend arbitrage trading is a widely known and wholly legitimate trading strategy. “Other European governments have taken steps to limit such trading activity. Skat is attempting retrospectively to amend Danish fiscal law and to cover up or remedy Skat’s earlier failure to limit such trading activity and thereby attack the defendants, who have done nothing dishonest nor illegitimate.” [21]

In September, 2018, a High Court of Justice judge in London entered a $1.3 billion default judgment against two UK companies, Solo Capital Limited and Elysium Global (UK) Limited, which were no longer in Sanjay Shah's control, at the behest of SKAT, Denmark. The claims against these companies were not defended hence the default judgment.

Britain, Germany and the United Arab Emirates have frozen, but not confiscated $660 million in assets belonging to Mr. Shah.[22]



See also

References

  1. ^ a b Strasburg, Jenny; Duxbury, Charles (2015-11-04). "Danish Tax Probe Targets Small London Hedge Fund, Other Firms". Wall Street Journal. ISSN 0099-9660. Retrieved 2016-09-30.
  2. ^ a b c "Troubled hedge fund Solo Capital shuts its doors". The Telegraph. 16 July 2016.
  3. ^ Lynskey, Dorian (2015-02-03). "Prince review – 'What we're going to do right now is play 14 hits in a row!'". The Guardian. ISSN 0261-3077. Retrieved 2016-09-30.
  4. ^ "Sanjay Shah's tips to make schooling easier for children with autism". Autism Hub. 2016-09-03. Retrieved 2016-09-30.
  5. ^ "In aid of autism". fridaymagazine.ae. Retrieved 2016-09-30.
  6. ^ "AUTISM ROCKS: Raising 'Awareness through Music' around the World | VELVET Magazine". 2015-05-07. Retrieved 2016-09-30.
  7. ^ a b "Politi i fire lande jagter Sanjay Shah ("Police in four countries are pursuing Sanjay Shah")". DR News. 11 December 2016.
  8. ^ "Ny opgørelse fra Skat: Vi er blevet snydt for 12,3 milliarder ("New review from the tax authorities: We were defrauded of 12.3 billion kroner")". TV2 News. 23 August 2016.
  9. ^ "Svindelmistænkt har netværk af selskaber i alle afkroge af verden ("Suspect in fraud has web of companies throughout the world")". Berlingske Business. 27 November 2015.
  10. ^ a b "Uden for kontrol: Svindelmistænkte købte egen bank i august ("Fraud suspect bought his own bank in August")". DR News. 5 November 2015.
  11. ^ a b "Skatteskandalen vokser: Belgien og Norge ramt af samme svindel som Danmark ("Tax case expands: Belgium and Norway hit by same fraud as Denmark")". DR News. 11 December 2016.
  12. ^ a b "Danmark er ikke alene om at blive fusket for milliarder ("Denmark not alone in being cheated for billions")". finans.dk. 11 December 2016.
  13. ^ a b c d "Der große Coup: Der milliardenschwere Steuerschwindel des Shah ("The big coup: The billion tax fraud by Shah")" (in German). Focus. 30 May 2017.
  14. ^ a b "Skatteetaten avslørte svindel for 350 millioner kroner ("Norwegian Tax Administration reveal fraud for 350 million kroner")" (in Norwegian). ABC Nyheter. 2 January 2017.
  15. ^ "US pension funds involved in billion kroner SKAT fraud". CPHPost. 9 December 2016.
  16. ^ "Solo's silence is anything but golden". Financial Times. 4 November 2015.
  17. ^ "Tysk politi mistænker Sanjay Shah for hvidvask i dansk milliardsag ("German police suspect Sanjay Shah laundered money in Danish billion-case")". DR News. 12 December 2016.
  18. ^ "Hedge fund boss in £1bn tax fraud inquiry". The Times. 15 April 2016.
  19. ^ "Politiet sigter to for svindel i sag om 12 milliarder ("Police charge two with fraud in 12 billion case")". TV2 News. 10 July 2017.
  20. ^ "Ekspert: Udlevering af mistænkt fra Dubai er næsten umulig ("Expert: Extradition from Dubai is almost impossible")". DR News. 27 November 2015.
  21. ^ Dubai resident fights Denmark over £1.5 bn tax fraud allegations June 12, 2019 The_National_(Abu_Dhabi)
  22. ^ Where in the World Is Denmark’s $2 Billion? by David Segal, Oct. 5, 2018, New York Times
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