DUBAI - A Dubai court has ordered Sanjay Shah, his wife, and companies tied to the hedge fund trader to repay Denmark more than 4.6 billion dirhams (S$1.8 billion).
The appeals court overturned a prior ruling this week saying Shah must pay the sum with 5 per cent interest from the day of the decision.
The Danish tax agency, which confirmed the ruling, said it "is satisfied with the decision of the appellate court against one of the central players in the fraud committed against Denmark".
Denmark has sought to claw back more than US$2 billion (S$2.8 billion) that authorities said it was defrauded out of by networks of bankers, lawyers and others.
Shah was named as the mastermind of the scheme in which pension plans filed for tax returns to which they weren't entitled, because they never paid the taxes to begin with.
Shah, a British national, has always maintained his innocence.
Jack Irvine, a spokesman for Shah, said that his lawyers intend to lodge an appeal. OGH Legal, which acted for the Danish tax authority, declined to comment. Dubai publication The National reported the ruling on Thursday.
The other parties in the case include Shah's wife, Usha, and his firm Solo Capital Partners.
The judgement comes just days after another court ruled Shah shouldn't be extradited to Denmark to face charges in connection with the cum-ex case.
Denmark and the United Arab Emirates signed an extradition deal in March, with Shah's handover being one of the main purposes.
Dubai's attorney general is appealing the decision, the emirate's media office said Friday. BLOOMBERG