Liechtenstein Court Upholds Transfer, Weighs on Solorz Media Empire

A Polish billionaire's legal battle to maintain control of his media and telecom assets has ended in defeat after a Liechtenstein court dismissed his appeal. Zygmunt Solorz, who built an empire through Cyfrowy Polsat SA, had sought to overturn a prior ruling that allowed his children to inherit his stakes. The Princely High Court affirmed that Solorz had validly transferred his rights in August 2024.

The case centers around two family foundations based in Liechtenstein, which hold the keys to Solorz's business empire. The dispute flared after Solorz initially agreed to a succession plan but later retracted, claiming he was deceived. His attempts to reclaim control have drawn public attention and have taken a toll on his business interests according to reports.

The outcome leaves Solorz with no further legal recourse in Liechtenstein, as the court's decision is final and binding. The billionaire had also filed a separate lawsuit in a U.S. federal court in November 2025 in a bid to recover his assets. The case underscores the complexities of managing multigenerational wealth and the legal challenges that can arise in high-stakes family disputes.

Why the Standoff Happened

The roots of the conflict lie in a family gathering where Solorz and his three children first discussed succession plans. At the time, Solorz agreed to transfer control of his two foundations to his children. However, he later rescinded the agreement, alleging that the decision was not made voluntarily. The court rejected his claims, citing evidence that the transfer was lawful and properly executed.

The foundations, which hold significant voting rights in Cyfrowy Polsat, are critical to the company's governance structure. TiVi Foundation, a major shareholder, controls 69.13% of the voting rights.

The court's ruling reaffirms that Solorz has no legal basis to reclaim control, effectively ending the legal battle in favor of his children.

How Markets Reacted

The prolonged legal dispute has had tangible financial consequences for Solorz's business interests. Shares of Cyfrowy Polsat have declined by 24% this year, underperforming the broader Warsaw stock market. In contrast, the WIG20 index, a benchmark for the largest companies on the Polish exchange, has risen by 44%. The underperformance is attributed to weaker earnings and the uncertainty surrounding the company's leadership transition.

The instability has raised concerns among investors, many of whom are wary of the impact of prolonged legal battles on corporate governance and shareholder value. Analysts note that while the court's decision brings clarity, the company may still face challenges in stabilizing operations and restoring investor confidence.

What Analysts Are Watching

Following the ruling, analysts are closely monitoring how Solorz's children will manage the assets and whether they can effectively steer the company through a period of transition. The success of the succession plan will depend on the new leadership's ability to maintain business continuity and address lingering market concerns.

Market observers are also paying attention to how the company will fare in the broader context of the Polish media and telecommunications sector. With competition intensifying and regulatory changes on the horizon, effective management will be crucial for Cyfrowy Polsat to remain competitive. According to the report, the outcome has significant implications for future corporate governance.