Sanjay Shah, a hedge fund trader (Photo: Bloomberg)
British hedge fund trader Sanjay Shah will be held in custody in Denmark for at least four weeks after his extradition from the United Arab Emirates, a Danish court ruled on Thursday, according to public broadcaster DR.
Shah will go on trial in Denmark early next year on charges related to so-called “cum-ex” trading schemes in which the Danish state says it lost more than 12.7 billion crowns ($1.84 billion). He denies any wrongdoing.
The trial, which has been postponed three times pending his extradition, will begin on January 8.
However, Shah's lawyer in Denmark, Kare Pihlmann, told reporters outside the court that the defense needed more time to prepare its case and that he expected it to be postponed again.
Shah, the main suspect in the case, was arrested by Dubai police last year following a request from Danish authorities to extradite him. He arrived in Denmark on Wednesday.
Denmark has charged nine British and American citizens over these schemes.
First print: December 7, 2023 | 8:40 PM IST