Summary
A lawyer named Jas Bains reported a tax scam to Danish authorities and was later sued by them. The case, related to a complex financial trade called cum-ex, involved a hedge fund where Bains previously worked and took years to resolve.
Key Facts
- Jas Bains reported a £1 billion tax scam to Danish authorities.
- He was later sued as a part of a £1.4 billion lawsuit by those authorities.
- The case involved a financial strategy called cum-ex trades, which exploited share transactions to claim tax rebates multiple times.
- This trading strategy led to significant tax losses across several European countries.
- Bains worked for Solo Capital, a hedge fund connected to the scam, as head lawyer and later ran its London office.
- Danish authorities failed to prove that Bains and other defendants were liable for the losses.
- Bains initially enjoyed a luxurious lifestyle while working at the firm but faced long legal battles after leaving.
- The case concluded over eight years, one of the UK's highest value civil cases.
