Zygmunt Solorz is concerned about the decline in Cyfrowy Polsat's share price and the reduction in market capitalization by hundreds of millions of zlotys. Legal action is being taken against those he believes are responsible, said Radosław L. Kwaśnicki, Zygmunt Solorz's lawyer.
TiVi Foundation, a shareholder of Cyfrowy Polsat, dismissed Zygmunt Solorz from the position of chairman of the company's supervisory board on Tuesday and appointed Daniel Kaczorowski in his place. The shareholder also dismissed Mirosław Błaszczyk from the position of company president and appointed Andrzej Abramczuk in his place. The changes also affected the management of other companies controlled by TiVi Foundation.
As a result of the unlawful and ineffective actions of three members of the Tivi Foundation board, there has been unrest on the market, from which shareholders are currently losing out, looking at the share price, which has literally collapsed since the current report on the allegedly effective dismissal of my client and CEO Mirosław Błaszczyk from the company's bodies, wrote Radosław L. Kwaśnicki in a statement sent to PAP Biznes.
He added that Cyfrowy Polsat's capitalization had fallen by hundreds of millions of zlotys in just a few days as a result of this information, “and the trend is disturbing.” Since the announcement of the management changes, Cyfrowy Polsat's stock price on the Warsaw Stock Exchange has fallen by over 7 percent.
” Legal action is already being taken against the individuals responsible for this situation, which has also reduced the value of shares held by the TiVi Foundation by hundreds of millions of zlotys. When asked about the existence or amount of D&O insurance policies held by the TiVi Foundation's board members, the foundation's curator refused to provide an answer,” wrote Zygmunt Solorz's lawyer.
In his statement, the lawyer emphasizes that Zygmunt Solorz takes care of the assets of both foundations in Liechtenstein, including the TiVi Foundation, and takes only legal actions and only to protect these assets.
In a press release on Tuesday announcing the personnel changes, the TiVi Foundation indicated that their goal was to improve oversight of the foundation's key companies.
Zygmunt Solorz’s lawyer, Radosław L. Kwaśnicki, wrote then that the dismissal of Zygmunt Solorz from the supervisory board of the Polsat Plus Group would be immediately appealed because it was contrary to procedures and the law.
Zygmunt Solorz's children also announced on Tuesday that they understand the TiVi Foundation's decision to implement changes at Polsat Group companies. They added that the resolution was adopted unanimously by the Foundation's Council, which, in their opinion, demonstrates a deep conviction that these steps are necessary. Their attorney, Paweł Rymarz, rejects the allegations made by Zygmunt Solorz's lawyer about flawed personnel decisions at these companies.
The dispute between Zygmunt Solorz and his children over the succession of the billionaire's business empire surfaced in the fall of 2024. Zygmunt Solorz's three children then sent a warning to the managers of the businessman's four most important companies, assessing that the well-being of these companies was threatened by individuals seeking to seize control of the business. These included Polsat and companies strategic to the state.
In October 2024, the extraordinary general meeting of Cyfrowy Polsat dismissed Tobias Solorz and Jarosław Grzesiak from the supervisory board. Both of Zygmunt Solorz's sons, Tobias Solorz and Piotr Żak, as well as Grzesiak, were dismissed from the supervisory board of the energy company ZE PAK. At a similar time, Solorz's sons were also dismissed from the supervisory boards of Cyfrowy Polsat, Netia, and Polkomtel. (PAP Biznes)
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