Hedge Fund Trader Sanjay Shah Loses Appeal Over Order to Pay $1 Billion in Tax

Sanjay Shah, a hedge-fund trader accused of masterminding a massive tax fraud, lost an appeal at a Dubai court over an order to pay the Danish authorities more than 8.5 billion krone ($1.24 billion).

The Court of Cassation in Dubai rejected the appeal from a lower court in the emirate this week, according to the Danish tax agency. The authority said in a statement Wednesday that it would now begin an asset recovery process.