Danish Tax Body Ignored Warnings Of Dividend Refund Scam

Law360 (May 19, 2020, 9:01 PM EDT) -- Denmark's tax authority failed to react to an internal warning of a dividend tax refund scheme that led to what the Danish government has called fraud exceeding 12 billion kroner ($1.8 billion), a newly disclosed internal audit shows.

A May 2010 report of the audit for the authority, known as Skat, found that its oversight was lax and noted that three earlier investigations hadn't been pursued into the dividend-stripping scheme, known as cum-ex.

The document was issued two years before Sanjay Shah, a British hedge fund manager who Danish authorities have called the leader of the fraud, began trades tied to...

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