A Dubai court on Monday rejected a Danish request to extradite a British citizen who is one of the main suspects in the so-called Cum-Ex tax fraud case, his lawyer said.
Sanjay Shah was arrested in Dubai in June after Denmark and the United Arab Emirates signed an extradition agreement.
Danish authorities accuse the 52-year-old financier of masterminding a $1.7 billion (€1.6 billion) tax scheme that ran for three years.
The scheme allegedly involved submitting applications to the government on behalf of investors and companies from around the world for dividend tax refunds.
It is unclear why the court rejected Copenhagen's extradition request. His lawyer was quoted as saying by the AP news agency that Denmark had "breached" the rules of international extradition, without elaborating further.
If extradited, Shah could face a maximum penalty of up to 12 years imprisonment, Danish prosecutors said.
What is the Cum-Ex scandal?
The Cum-Ex scandal was the result of traders using a loophole to trick governments and receive millions in repayments for taxes they had never paid.
The scheme involved banks, lawyers and stockbrokers trading shares with ("cum") and without ("ex") dividend rights.
Prosecutors across Europe, including in Denmark, Germany and Belgium, have investigated the case since 2016.
The scope of the scandal has been biggest in Germany, where Chancellor Olaf Scholz had to fend off allegations that he, as the former mayor of Hamburg, was involved in the decision to let a bank off the hook.
UAE under pressure
In recent months, the UAE has arrested several suspects wanted for major crimes following criticism over its allegedly relaxed approach in combating illicit finance.
The country has long welcomed investments from the wealthy, including disgraced public figures, without questioning the source of the money.
However, amid pressure, UAE authorities arrested two Indian-born businessmen, known as the Gupta brothers, who are at the center of a massive web of state corruption in South Africa.
