The FCA has found Teraiya was responsible for Indigo’s participation in a sham trading scheme which obtained a tax ‘repayment’ of €91.2m (£77.9m) from the Danish tax authority, SKAT.

In reality, this was not a repayment of tax as the claim related to shares that did not exist, no dividends had been paid and no tax had been deducted.

The trading strategy purported to be a dividend arbitrage equity trading strategy aimed at minimising tax liabilities on Danish equities by transferring them temporarily to US pension plans.