Briton jailed in Denmark for $46.7 million in sham trades

A Danish court on Friday jailed a Briton for six years for defrauding tax authorities of more than 320 million Danish crowns ($46.7 million) in a sham trading scheme to make double tax reclaims. Prosecutors in 2021 brought criminal charges against Guenther Klar, 54, along with two other British and three U.S. citizens for defrauding tax authorities of more than 1.1 billion crowns.

A Danish court on Friday jailed a Briton for six years for defrauding tax authorities of more than 320 million Danish crowns ($46.7 million) in a sham trading scheme to make double tax reclaims.

Prosecutors in 2021 brought criminal charges against Guenther Klar, 54, along with two other British and three U.S. citizens for defrauding tax authorities of more than 1.1 billion crowns. Klar, who was

extradited to Denmark from Belgium in June last year, had denied wrongdoing, the court said in a statement.

The verdict had been appealed, Klar's lawyer, Katrine Gottlieb, told Reuters, adding that his legal team would seek to have the case dismissed or, if that fails, seek an acquittal. The charges are connected to the broader, so-called "cum-ex" trading scheme, in which the Danish state says it lost more than 12.7 billion crowns.

The main suspect in the case, Briton Sanjay Shah, was extradited to Denmark from Dubai in December. Shah also denies wrongdoing.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)