Niall Hearty details how Denmark has settled with a former
Barclays director and four companies in £1.4 billion
case.
The Danish tax authority Skat has settled its claim against a
former Barclays Capital director and four companies that it sued
over a £1.4 billion Cum-Ex scheme.
Darren Wang Yip Lui and the four companies settled with Skat as
part of a confidential agreement, according to a High Court order
that has now been made public.
The settlement comes during a High Court trial that began in
April. Lui and the companies were among dozens of defendants being
sued by Skat over Cum-Ex. Cum-Ex was a share trading practice that
saw more than one party claiming tax rebates on capital gains tax,
even though that tax had only been paid once at most. Lui and the
companies had denied participating in any fraudulent scheme.
