The controversial cum-ex trades that allegedly defrauded the Danish tax authorities of £1.4bn were "completely legal", according to Sanjay Shah, the founder of hedge fund firm Solo Capital Partners and the man accused of masterminding the scheme, according to a report by Bloomberg.

The report cites court documents filed by his lawyers in London as revealing that Shah believed the cum-ex trading scheme was a “structure legitimately traded by international banks” and that “no external party considered otherwise”.

“I am — or at least, I was — a hardworking and highly successful entrepreneur,” he said.

Shah, who is currently on trial in Denmark on criminal charges for his part in the scheme, and is facing a lengthy prison term if convicted, is also being sued in London – along with dozens of other traders and businesses – by Danish tax agency Skat as it looks to recover the billions it clams is owed to the Danish government.