Cum-ex tax fraud suspect Shah detained in Denmark before trial

COPENHAGEN (Reuters) -British hedge fund trader Sanjay Shah will be held in detention in Denmark for at least four weeks following his extradition from the United Arab Emirates, a Danish court ruled on Thursday according to public broadcaster DR.

Shah is due to face 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 court case, postponed three times awaiting his extradition, is scheduled to begin on Jan. 8.

However Shah’s lawyer in Denmark, Kare Pihlmann, told reporters outside the court the defence needed more time to prepare its case and he expected it would be postponed again.

Shah, who is the main suspect in the case, was arrested by Dubai police last year following a request by Danish authorities to extradite him. He arrived in Denmark on Wednesday.

Denmark has charged nine British and U.S. citizens over the schemes.

($1 = 6.9208 Danish crowns)

(Reporting by Louise Breusch Rasmussen and Jacob Gronholt-Pedersen, editing by Terje Solsvik and Andrew Heavens)