Zygmunt Solorz loses control of Polsat Group as court appoints curator from Liechtenstein
As a result of the dispute between one of the wealthiest Poles and his own children, the billionaire will no longer be able to make decisions about his fortune independently. Key decisions will now be made by a specially appointed curator – an official from Liechtenstein.
The founder and owner of Polsat Group, Zygmunt Solorz, at the conference of the world’s wealthiest businessmen, politicians, and intellectuals in Davos, Switzerland, on January 18, 2023. PAP/Radek Pietruszka
A court in Liechtenstein has appointed a curator to manage the TiVi and Solkomtel foundations, through which Zygmunt Solorz controls his Polish businesses, amid an ongoing succession dispute with his children.
As reported earlier by Radio Poland, the conflict erupted in late September when the billionaire’s children sent a letter to the management of his companies, warning against making decisions that could affect their control over the businesses.
In response, Solorz stated that he decided to limit his children’s involvement in the companies’ management to ensure their stability.
The conflict revolves around control of the TiVi Foundation and Solkomtel Foundation, through which Solorz holds a majority stake in Cyfrowy Polsat and other companies.
In 2022, Solorz initially transferred control of the foundations to his children but later reversed the decision, citing improvements in his health.
In the summer of 2023, the billionaire’s children agreed to sign a statement, but Solorz withdrew it the following day, further escalating the conflict.
The matter has now reached the Liechtenstein courts, which appointed a curator to manage the foundations and suspended Solorz’s powers to appoint their boards.
According to Onet, a leading Polish news outlet, Zygmunt Solorz has not only lost control over his foundations in Liechtenstein, but a court decision in Limassol, Cyprus, also prohibits him from making decisions that could affect the ownership and management structure of Polsat Group companies.
This situation forces the billionaire to choose between a compromise with his children or a lengthy legal battle.
Source: PR24/Onet/Bloomberg/X/@gazetapl_news
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