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Solo Capital’s Sanjay Shah says he acted honestly in “cum-ex” case

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Hedge fund Solo Capital’s founder Sanjay Shah, who has been accused of masterminding a £1.44bn ($1.83bn) dividend tax fraud against Denmark, said that he had depended on others for tax and legal advice in a London court on Tuesday, according to a report by Reuters. 

Tuesday marked the first day of a three-week cross-examination by London-based lawyer Laurence Rabinowitz, who represents Denmark’s tax authority Skatteforvaltningen, or SKAT.  

Shah, testifying via video link from Denmark, where he is also facing criminal charges in the “cum-ex” dividend trading case, said: “A defect in the law allowed such trades to be legal.” 

When asked if he was an honest man, Shah said “yes”. 

Rabinowitz said: “You appear to wish to represent yourself as someone incapable of understanding detail and as someone who lacks intelligence.” 

In response, Shah said: “I am not holding myself out to be an expert in the tax field. 

“At the time, I was a good trader and I was able to obtain knowledge from competitors … and assess risks for myself and execute trades. I was good at some things but I was not good at everything.” 

SKAT accuses Shah’s Solo Capital Partners and others of operating a fraudulent “cum-ex” scheme that involved filing incorrect applications for dividend tax refunds on behalf of global investors and companies between 2012 and 2015. 

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