Denmark charges six from US, UK over tax fraud scheme

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Updated 13 April 2021
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Denmark charges six from US, UK over tax fraud scheme

  • The Danish state has lost more than 12.7 billion crowns in total
  • The charges against three US and three British citizens are connected to the so-called “cum-ex” trading schemes

COPENHAGEN: Denmark’s state prosecutor said on Tuesday it had charged six people from the United States and Britain with defrauding Danish tax authorities of more than 1.1 billion crowns ($176 million) in a sham trading scheme.

The charges against three US and three British citizens are connected to the so-called “cum-ex” trading schemes, in which the Danish state has lost more than 12.7 billion crowns in total.

In January, Denmark charged two UK citizens, bringing the total number of people charged to eight

They are suspected of running a scheme that involved submitting applications to the Danish Treasury on behalf of investors and companies from around the world to receive dividend tax refunds, the prosecutor said

The six people were charged with running the scheme via Germany’s North Channel Bank in 2014 and 2015, the prosecutor said.

The cum-ex trading scheme is also being investigated by authorities in Germany, Belgium and Britain. Last year, two Britons were convicted in Germany’s biggest fraud trial in at least 75 years.

The name “cum-ex” is Latin for “with-without,” illustrating the apparent vanishing of dividend payments.


Drone attack on Voronezh in Russia kills 1 person and wounds 3

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Drone attack on Voronezh in Russia kills 1 person and wounds 3

A Ukrainian drone strike killed one person and wounded three others in the Russian city of Voronezh, local officials said Sunday.
A young woman died overnight in a hospital intensive care unit after debris from a drone fell on a house during the attack on Saturday, regional Gov. Alexander Gusev said on Telegram.
Three other people were wounded and more than 10 apartment buildings, private houses and a high school were damaged, he said, adding that air defenses shot down 17 drones over Voronezh. The city is home to just over 1 million people and lies some 250 kilometers (155 miles) from the Ukrainian border.
The attack came the day after Russia bombarded Ukraine with hundreds of drones and dozens of missiles overnight into Friday, killing at least four people in the capital Kyiv, according to Ukrainian officials.
For only the second time in the nearly four-year war, Russia used a powerful new hypersonic missile that struck western Ukraine in a clear warning to Kyiv and NATO.
The intense barrage and the launch of the nuclear-capable Oreshnik missile followed reports of major progress in talks between Ukraine and its allies on how to defend the country from further aggression by Moscow if a US-led peace deal is struck.
Ukrainian President Volodymyr Zelensky said Saturday in his nightly address that Ukrainian negotiators “continue to communicate with the American side.”
Chief negotiator Rustem Umerov was in contact with US partners Saturday, he said.
Separately, Ukraine’s General Staff said Russia targeted Ukraine with 154 drones overnight into Sunday and 125 were shot down.