Cyruan Polsat's share price “literally collapsed”. Zygmunt Solorz takes legal actions

Zygmunt Solorz is concerned about the decrease in the Cyfrowy Polsat share course and a reduction in market capitalization by hundreds of millions of zlotys. In the face of people who – in his opinion – are responsible for this, legal actions are undertaken – said Radosław L. Kwaśnicki, lawyer of Zygmunt Solorz.

Tivi Foundation, a shareholder of Cyfrowy Polsat, dismissed on Tuesday Zygmunt Solorz from the position of chairman of the company's supervisory board and appointed Daniel Kaczorowski. The shareholder also dismissed Mirosław Błaszczyk from the position of the president of the company and appointed Andrzej Abramczuk. The changes were also covered by the authorities of other companies controlled by Tivi Foundation.

As a result of the unlawful and ineffective actions of three members of the TIVI Foundation Council, anxiety arose on which shareholders are currently lost, looking at the share price, which literally fell since the current report on the allegedly dismissal of my client and President Mirosław Błaszczyk from the company's bodies – wrote Radosław L. Kwaśnicki in a statement sent in a statement.

He added that the capitalization of Cyfrowy Polsat decreased as a result of this information about hundreds of millions of zlotys only during these few days, “and the trend is disturbing”. From the date of publication of information about changes in the authorities of Cyfrowy Polsat, the Warsaw Stock Exchange has fallen by more than 7 percent.

“Towards people who are responsible for this situation, as a result of which the value of shares owned by the TIVI Foundation has decreased by hundreds of millions of zlotys, Legal actions are already being undertaken under civil and criminal law. The Foundation's curator, when asked about the existence or amount of the D&O policy members of the TIVI Foundation Council, refused us to answer, “wrote the lawyer of Zygmunt Solorz.

In his statement, the lawyer points out that Zygmunt Solorz cares about the assets of both Foundation in Liechtenstein, including the TIVI Foundation, and undertakes only legal actions and only to protect this property.

The Tivi Foundation in Tuesday's press release informing about personnel changes indicated that their goal was to improve the supervision of the foundation's key companies.

The lawyer of Zygmunt Solorz Radosław L. Kwaśnicki then wrote that the dismissal of Zygmunt Solorz from the Supervisory Board of the Polsat Plus Group will be immediately appealed because he is in contradiction with procedures and the law.

In turn, the children of Zygmunt Solorz also announced on Tuesday that they understand the decision of the Tivi Foundation about changes in Polsat Group companies. They added that the resolution was adopted by the Council of the Foundation unanimously, which – in their opinion – indicates a deep conviction of the need to take these steps. Their representative Paweł Rymarz rejects the allegations of defective personal decisions in these companies.

The dispute between Zygmunt Solorz and his children concerns succession in the billionaire's business empire and was revealed in the autumn of 2024. Three children of Zygmunt Solorz sent a warning to managers of the four most important businessman companies, assessing that the good of these companies is threatened by people who want to take control of business. It was About Polsat and strategic companies for the state.

In October 2024, the Extraordinary General Meeting of Cyfrowy Polsat dismissed Tobias Solorz and Jarosław Grzesiak from the Supervisory Board. Both sons of Zygmunt Solorz – Tobias Solorz and Piotr Żak, as well as Grzesiak, were dismissed from the supervisory board of the energy group from PAK, at a similar time the sons of Solorz were also dismissed from the supervisory boards of Cyfrowy Polsat, Netia and Polkomtel. (PAP Biznes)

pr/