Hedge fund trader Sanjay Shah was arrested in Dubai in June, but the emirate’s Court of Appeal in September rejected an extradition request by Denmark, before it overturned that decision on Thursday, according to Horizons & Co, a firm which is representing Shah.

“Today’s decision confirms that Mr Shah can be extradited from the UAE,” it said in a statement.

Shah will not be extradited immediately.

“We now have 30 days in which to appeal today’s judgement in the Court of Cassation, the highest Court in the UAE,” said Horizons & Co’s Managing Partner Ali Al Zarooni.

“The decision of the Court of Cassation, which we anticipate in the next two months, will be final,” the statement quoted him as saying.

Shah is accused of running a scheme for three years from 2012 in which foreign firms pretended to own shares in Danish companies and claimed tax refunds.

Shah has said he is not guilty and claims he did not violate Danish law, according to domestic media in the United Arab Emirates. He was arrested under a bilateral extradition treaty signed in March.

“It has required a sustained effort from Danish diplomacy to reach this point and a constructive cooperation with the Emirati authorities,” Danish foreign minister Lars Lokke Rasmussen told Danish news agency Ritzau.

“Hopefully, today we have come a big step closer to bringing Sanjay Shah to justice.”