Liechtenstein court rules against founder of Poland's Cyfrowy Polsat in ownership case

Liechtenstein Court Confirms Cyfrowy Polsat Ownership Transfer

WARSAW, Dec 23 (Reuters) - A Liechtenstein court rejected Polish billionaire Zygmunt Solorz's appeal seeking to reverse his decision to transfer to his children ownership rights in the controlling shareholder of the Cyfrowy Polsat media group, the company said on Tuesday.

Shares in the group jumped as much as 10% after the ruling, which appeared to dispel some uncertainty over its ownership and control.

In May, a court in Liechtenstein, where the foundation that owns the majority of the group is based, ruled that Solorz effectively transferred control of the foundation to his three children in August 2024.

Solorz, who sought to reverse his decision arguing he acted on misleading information, appealed that ruling, but the higher court upheld its decision.

"All declarations and statements made by Mr. Zygmunt Solorz on 2 August 2024 ... are legally valid, effective, and binding," TiVi Foundation, which owns around 60% of Cyfrowy Polsat, said in a statement quoting the ruling.

It said the court found Solorz was neither acting in error nor was he misled, adding that the ruling is final and binding.

However, a lawyer representing Solorz said in a statement he was weighing further legal steps including an appeal with Liechtenstein's Constitutional Tribunal.

Shares in Cyfrowy Polsat have lost about 20% since late September 2024 following reports in Polish media about a conflict between Solorz, his wife, and his children and management shuffles at the group's companies.

"The conclusion of these proceedings will allow the group to focus on development and the smooth and consistent implementation of its strategy," Daniel Kaczorowski, Chairman of the Supervisory Board of Cyfrowy Polsat was quoted as saying in a statement.

(Reporting by Anna Koper; Editing by Tomasz Janowski)