Court safeguards ban Zygmunt Solorz's companies' actions - attorney for Solorz's children

The attorney for Zygmunt Solorz's children pointed out that Solorz did not appear at the hearing in Liechtenstein, even though he himself had asked for it to be postponed to October 14 due to his inability to appear on the original date set by the court.

"Zygmunt Solorz also failed to appear at an agreed meeting with his children in Cyprus, which, for obvious reasons, made it impossible to reach an agreement as to how the foundation's authorities would function in Liechtenstein during the court proceedings," Pawel Rymarz wrote in a statement sent to PAP Biznes.

"The authorities of both foundations appointed by Zygmunt Solorz himself, whose task was to secure the foundation's assets and take care of the succession, are not able to function properly. TiVi and Solkomtel have applied for the appointment of a curator for them to take over the management of the foundations' affairs," he added.

The attorney for Zygmunt Solorz's children reported that the reason for filing the aforementioned motion was, among others, the actions of Zygmunt Solorz's lawyers, which - in the opinion of the authorities of the aforementioned foundations - make it impossible for them to function on an ongoing basis without an appointed curator.

On October 18, 2024, listed TMT group Cyfrowy Polsat and listed power utility ZE PAK published letters sent by their shareholders Reddev Investment Limited and Argumenol Investment Company Limited, reporting on interim security granted by the courts in Cyprus.

"Regarding these reports, it needs to be pointed out that these securities were issued by the Cypriot court at the request of Tobias Solorz, Aleksandra Zak and Piotr Zak, and their sole purpose was to maintain the status quo for the duration of the proceedings before the Liechtenstein court," Rymarz stressed.

The attorney pointed out that the safeguards prohibit Reddev and Argumenol (as well as other entities) from, among others, disposing of rights to shares in Polish companies, as well as making any decisions directly or indirectly influencing the composition of the bodies of Polish companies.

"These safeguards therefore explicitly prohibit the actions that Reddev and Argumenol have taken in recent weeks (without instructions from their owners, i.e. the TiVi and Solkomtel foundations, respectively), the main purpose of which was to dismiss Tobias Solorz and Piotr Zak from the composition of the various bodies of Polish companies," Rymarz explained.

"In the same way one can assess the planned changes to the articles of association of Telewizja Polsat sp. z o.o., which boil down to an attempt to deprive its CEO, Piotr Zak, of actual influence on the management of this company," he added.

In the opinion of the attorney for Zygmunt Solorz's children, the safeguards issued by the Cyprus courts meet the primary objective at this stage - the protection of Zygmunt Solorz's legacy and assets from actions that could lead to the disposition of these assets or the diminution of their value without an agreement between all the beneficiaries of the foundation - Zygmunt Solorz and his children.

"Currently, the parties are awaiting a decision from the Liechtenstein court on how to temporarily manage the foundations; decisions on this issue are expected in the near future," Pawel Rymarz wrote.

The attorney noted in the statement that the unalterable priority of Tobias Solorz and Aleksandra and Piotr Zak is to restore the relationship with their father, to practically implement the succession made in agreement with him and thus to bring an end to the ongoing conflict that is damaging both the family and the companies of the Polsat Group.

"Unfortunately, in recent times our clients have still not had the opportunity to speak directly, undisturbed by the presence of others, with their father, and the children's concerns about Mr Zygmunt Solorz's health continue," Rymarz wrote.

Zygmunt Solorz is the main shareholder of listed TGT group Cyfrowy Polsat and the founder of Polsat Plus group, owning 62 percent of its shares through Solkomtel and TiVi foundations.

Solorz sent a letter dated September 26, announcing motions that were to lead to dismissing his children from the group's subsidiaries' management- and supervisory boards.

Shortly before this, Zygmunt Solorz's children sent a letter to managers, expressing concern over alleged attempts to take over the firm, adding that they’re having difficulties contacting the billionaire due to his health and are in conflict with his current wife Justyna Kulka.

On October 7, Zygmunt Solorz’s investment vehicle, which controls listed power utility ZE PAK, voted out Tobias Solorz and Piotr Zak from the company's supervisory board at a shareholder meeting.

pr/ ao/