The Danish foreign ministry on Thursday said a Dubai court had ruled that the main suspect in a dividend tax fraud case can be extradited to Denmark for prosecution, although the decision will be appealed.
Briton Sanjay Shah, who has denied any wrongdoing, is suspected of submitting applications on behalf of investors and companies for payouts from the Danish Treasury worth more than 9 billion Danish crowns ($1.3 billion).
Known as "cum-ex", the alleged crime involved a sham trading scheme whereby investors were able to make double tax reclaims.
Shah was arrested earlier this year by Dubai police following the request by Danish authorities to extradite him.
"Mr Shah is clearly disappointed and will now appeal to the Supreme Court in Dubai," his spokesperson said in a statement, adding that a verdict was expected in two to three months.
($1 = 6.9824 Danish crowns)
(Reporting by Terje Solsvik; Editing by Elaine Hardcastle and Jan Harvey)
