David Hertz

Advised / Represented / Acted on behalf of:

• Represented Tongaat Hulett Limited ("THL") in a commercial dispute arising out of an agreement it entered into with KLL Group (Proprietary) Limited, a wholly-owned subsidiary of Barloworld Limited ("Barloworld"), for the purchase of THL's starch business as a going concern. The disposal agreement was subject to a material adverse change ("MAC") clause. Barloworld gave notice of a MAC event occurring as a result of, inter alia, the COVID-19 pandemic which, in its view, was reasonably likely to cause the March 2021 EBITDA of the starch business to be 82.5% less than the March 2020 EBITDA. THL disputed that the above MAC event had occurred. The dispute was heard before an independent third expert, who ruled wholly in favour of THL.
• Lead attorney representing the Steinhoff Group in the largest corporate collapse in South African history. The representation is multi-faceted including:
  • retaining experts to conduct an investigation into accounting irregularities;
  • advising on regulatory and enforcement matters both in South Africa and internationally; and
  • representing the Steinhoff Group in resisting claims which have been instituted against it and in pursuing claims against various third parties.