US Firm Seeks to Enforce German Ruling Against Ex-German Firm Owner in Israel
Translated & summarized from Bizportal by baba
US firm TAC Group Holdings is asking an Israeli court to enforce a German ruling against Yaron Valler, former owner of Sela Venture Capital GmbH, for 3.1 million shekels. TAC claims Valler is evading payment by hiding assets and moving to Israel, residing in a luxury villa in Herzliya Pituah. The German court had previously ruled in favor of TAC for 610,000 euros plus costs, which Valler allegedly avoided paying. TAC seeks enforcement in Israel due to Valler's alleged systematic evasion tactics.
The story in 5 lines · by baba
- US firm TAC Group Holdings seeks to enforce a German ruling against Yaron Valler in Israel for 3.1 million shekels.
- TAC alleges Valler is systematically evading payment and hiding assets in Israel.
- Valler is accused of moving his life to Israel and residing in a luxury villa in Herzliya Pituah.
- A German court previously awarded TAC 610,000 euros plus costs, which Valler allegedly avoided.
- TAC claims Valler's actions demonstrate a pattern of evasion and concealment.
An American company, TAC Group Holdings, is seeking to enforce a German court ruling in Israel that requires Yaron Valler, the former controlling shareholder of the German company Sela Venture Capital GmbH, to pay them 3.1 million shekels. TAC alleges that Valler is systematically evading his obligations.
The case stems from a 2014 investment where Valler and TAC invested in a third company. They agreed that after the investment was returned and profits paid, remaining surplus profits would be split two-thirds to Sela and one-third to TAC. TAC was also to receive half of the success fees collected by Sela, held in trust. According to TAC, Valler unilaterally changed these terms in 2015, intending for TAC to receive only a third of the success fees, and ultimately refused to pay any success fees.
TAC sued Sela in Berlin, winning a judgment for 610,000 euros. TAC claims Valler then hid the shares owed to them and put Sela into insolvency proceedings to avoid payment. TAC filed a separate personal lawsuit against Valler in Munich for fraud. TAC asserts that Valler deliberately concealed his whereabouts, deleted his Berlin address from official records, and disappeared without providing a new address.
Unable to locate Valler, TAC obtained court permission to serve notice of the lawsuit publicly as a substitute for personal service. Valler did not file a defense, and a default judgment was entered against him, which became final. TAC later obtained a separate judgment for 21,000 euros in legal costs. With accrued interest, TAC claims the total amount owed now stands at 3.1 million shekels.
TAC argues that Valler's conduct demonstrates a systematic pattern of evasion and concealment. They contend he moved his center of life to Israel, residing in a luxury villa in Herzliya Pituah registered solely in his wife's name to hide assets, all while trying to evade his legal responsibilities. TAC is therefore petitioning the Tel Aviv District Court to enforce the German decisions in Israel, where Valler and his assets are located.