By bizn_fun 
Solo Capital Partners was founded in 2009 by London-based trader Shah.
It was widely seen as a key player in refining and exploiting the cum-ex trade – with its activities focused primarily on Denmark.
In 2023, he was extradited to Denmark from Dubai to face trial, and in December last year he was convicted, and given the heaviest penalty ever in Denmark for a fraud case.
In Thursday’s judgement, Mr Justice Baker said Shah was “not a trustworthy individual” and his testimony had contained “implausible claims and obvious lies”.
“I do not consider it safe, in general, to treat anything Mr Shah says for himself or about the Danish dividend tax refund factory he created as reliable evidence of fact,” said Mr Justice Baker.
However, the judgement found while this information gave “some indirect support ” to the case put forward by Skat – it did not prove the tax authority’s case.
The 18-month trial was the culmination of an eight-year legal process – with Skat initially being denied the right to pursue its claim in the English courts, before winning an appeal to the Supreme Court. Legal sources suggest the costs could run into hundreds of millions of pounds.
It originally involved more than 100 defendants, including some 40 individuals and a number of corporate entities.