Updated
Updated · Bloomberg · Jul 1
UK Supreme Court Revives 2022 Danish Cum-Ex Fraud Suit Against ED&F Man
Updated
Updated · Bloomberg · Jul 1

UK Supreme Court Revives 2022 Danish Cum-Ex Fraud Suit Against ED&F Man

1 articles · Updated · Bloomberg · Jul 1

Summary

  • The UK Supreme Court allowed Denmark’s tax authority to pursue its lawsuit against ED&F Man Capital Markets Ltd., pulling the commodities broker back into the Cum-Ex litigation.
  • The ruling revives a 2022 claim by Skatteforvaltningen alleging the firm fraudulently induced the Danish agency to pay withholding-tax refunds.
  • ED&F Man Capital Markets, now called MCML Ltd., had been fighting the case as part of a long-running scandal over dividend-tax refund trades.
  • The decision keeps the Danish authority’s effort alive in UK courts, extending one strand of the broader Cum-Ex crackdown.

Insights

A UK court blamed Denmark's weak controls. So who is truly responsible for the €1.65 billion Cum-Ex fraud?
Key players are jailed and firms fined millions. Why is it still so hard to recover the billions lost to Cum-Ex fraud?