Danish State Loses Major Tax Case Over 12 Billion Kronor Fraud

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Danish State Loses Major Tax Case Over 12 Billion Kronor Fraud
Photo: Paul Kleiven/NTB scanpix / TT

The Danish state loses a gigantic tax case where banks and hedge funds cheated Denmark out of 12 billion Danish kronor.

It was a number of years ago that they were revealed, the advanced tax schemes that swindled not only Denmark but several European treasuries out of multi-billion amounts.

On Thursday, one of the court rulings came in London, where the Danish tax authority lost.

The scheme came to be called cum-ex and briefly consisted of a network of banks, lawyers and brokers in Europe exploiting holes in tax legislation which meant they could manipulate the tax in connection with dividend payments.

More verdicts are expected further ahead in, among other places, Germany and France.

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By TTEnglish edition by Sweden Herald, adapted for local and international readers
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