CL-2018-000297, CL-2018-000404, CL-2018-000590, - [2025] EWHC 2364 (Comm)

Fecha: 02-Oct-2025

SKAT vs. DWF Ds

SKAT vs. DWF Ds

136.

The DWF Ds were important individuals in the establishment and operation of Solo Model trading, up to their respective departures from Solo in April 2013 (Rajen Shah), June 2013 (Mr Horn) and September 2013 (Mr Dhorajiwala).

137.

Mr Horn and Rajen Shah developed the transaction structure for Solo Model trading, on the instructions and with the involvement of Sanjay Shah. They obtained the First HS Advice from Hannes Snellman, under Sanjay Shah’s direction. They played important roles in implementing and orchestrating Solo Model trading and the distribution of the proceeds of tax refund claims generated by that trading. They checked SCP CANs (and in Mr Horn’s case, signed them himself while still based in London up to early 2013), and liaised with the Tax Agents about the submission of tax refund claims to SKAT. They agreed with Sanjay Shah, and were paid, percentage shares of Ganymede’s tax refund claim profits.

138.

Mr Dhorajiwala was responsible for the operational elements at SCP of giving effect to the Solo Model trading transactions, including the accurate recording and share-less settlement of the trades. On Mr Horn’s departure in June 2013, he took over as nominal Head of GSS, until his own departure three months later, and in that role was promised a 20% share of Ganymede’s profits.

139.

In the second half of 2013, the DWF Ds devised and prepared to implement the Maple Point Model, which closely resembled the Solo Scheme as it functioned in 2012-2013. Mr Horn was the lead individual, but Rajen Shah and Mr Dhorajiwala also had important roles. For 2014, the DWF Ds provided their services via Oryx (and took their profits through Siladen), and in that way implemented and coordinated the operation of the Maple Point Scheme by:

(i)

assisting NCB to establish a custody business to act as custodian for Maple Point Model trading;

(ii)

recruiting Indigo (owned by Mr Dhorajiwala’s brother-in-law Nailesh Teraiya) to act as a second custodian for that trading, helping it to set up and run its custody business, and in Mr Horn’s case becoming a director;

(iii)

identifying entities to act as trading counterparties;

(iv)

planning and coordinating the Maple Point Model trades; and

(v)

in the case of Rajen Shah and Mr Horn, providing the DCAs issued by NCB and Indigo to the Tax Agents for submission to SKAT.

140.

For 2015, Mr Horn presided over the Maple Point Model on his own, through WWAM, as part of which he:

(i)

recruited Lindisfarne as second custodian in place of Indigo;

(ii)

facilitated the establishment of Koi as a Tax Agent for the Maple Point Model USPFs to engage;

(iii)

planned and coordinated the trading of the parties under the Maple Point Model; and

(iv)

provided the DCAs issued by NCB and Lindisfarne to the Tax Agents.

141.

All three DWF Ds appreciated throughout that the Solo Model and Maple Point Model trading involved no (real) shares ever changing hands, or being owned or acquired by any participant. The trading was, in that sense, synthetic at the point of settlement, by virtue of the self-fulfilling settlement loops deliberately created by the coordinated trades.