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The tax team of Deneys Reitz has been incorporated into the Norton Rose network this year. However, the tax practice is still led by Ernie Lai King with four other partners and two other fee earners divided between the firm's Cape Town and Johannesburg ... [more]

The tax team of Deneys Reitz has been incorporated into the Norton Rose network this year. However, the tax practice is still led by Ernie Lai King with four other partners and two other fee earners divided between the firm's Cape Town and Johannesburg offices completing the department. The team has a strong reputation in refinancing and restructuring, particularly for black economic empowerment (BEE) transactions, and their ability in cross-border issues is likely to be enhanced as part of the Norton Rose network. This year the firm has advised Swiss company the Holcim Group in restructuring its South African investments as part of a BEE transaction. This entailed transferring 85% of Holcim's subsidiary Afrisam to a BEE syndicate for which the Norton Rose tax team advised on the structured financing and tax aspects. Advice was also provided to a multinational financial institution on the status of an economic assistance agreement between its country's government the South Africa.