Ex dividend meaning

Darren Wang Yip Lui and four companies settled with Skatteforvaltningen (known as Skat) A confidential deal has been reached by Darren Wang Yip Lui and four companies with Skatteforvaltningen, as recorded in a High Court order dated 17 October 2024 that has only recently been disclosed. The resolution emerges midway through a sprawling High Court trial that began in April 2024. Lui and the businesses are among dozens of defendants pursued by Skat over a cum-ex trading arrangement that extracted billions via fraudulent claims for dividend tax refunds from the country’s treasury. Skat did not immediately reply to requests for comment on 2 December 2024. Lawyers for Lui and the companies stated they were unable to comment on the settlement owing to confidentiality duties. Lui and the companies have denied taking part in any fraudulent conduct. Cum-ex trading was devised to exploit gaps in dividend payment systems across Europe, including Germany, Belgium and France, and involves cross-border sales or swaps of shares shortly before a scheduled dividend payout...

A jury found that pension schemes and private investors identified by Denmark’s government as recipients of sham refunds were improperly enriched by US$78.7m in total. It apportioned 51% of responsibility to British trader Sanjay Shah and his hedge fund, Solo Capital Partners LLP, under the verdict. The outcome marks a decisive win for the Danish Customs and Tax Administration (Skat) in the trial proceedings that opened on 7 January 2025. According to the Danish tax authority, investors and pension funds secured bogus repayments of withholding on share dividends by moving securities ownership across jurisdictions shortly before the dividend date...

On 2 October 2025, High Court judge Andrew Baker held that the Danish Customs and Tax Administration — Skatteforvaltningen, or Skat — was not deceived into issuing thousands of wrongful repayments of dividend taxes that had never been paid, arising from so-called cum-ex arrangements. Nicola McKinney, a partner at Quillon Law, described the result as a 'bruising defeat for Skat', likely to prompt scrutiny of whether Skat’s legal team framed the case too narrowly and why it then collapsed when tested against England’s rules on fraudulent misrepresentation. She added that questions are likely about the limits of the law of fraudulent misrepresentation and the scope of Skat’s claim. Denmark’s proceedings were built on the contention that it had been defrauded by Shah and his hedge fund, Solo Capital Partners, who induced Skat to release funds to investors outside the country who falsely asserted they were shareholders in Danish companies. That misrepresentation enabled those investors to seek a dividend tax reimbursement from Skat to which they had no entitlement. These 'cum-ex...