(Bloomberg) -- Polish billionaire Zygmunt Solorz ousted his two sons from the supervisory board of utility ZE PAK SA, deepening a family feud over control of his conglomerate which also includes media and telecoms.
ZE PAK shareholders voted out Tobias Solorz and Piotr Zak from company’s supervisory board on Monday. The billionaire, who holds a nearly 66% stake in the utility, opened the meeting connecting remotely. The 68-year-old didn’t give any reasons for the changes.
The development comes a day before a meeting of shareholders in Solorz’s key company — Cyfrowy Polsat SA — with the agenda also envisaging votes on board changes.
Last month, Solorz’s children sent a letter to Cyfrowy’s managers, voicing concern over potential attempts to take over family foundations controlling both companies allegedly inspired by billionaire’s current wife Justyna Kulka.
Solorz responded in a letter, saying he plans to dismiss the children from his companies as their employment hasn’t led to improving their stability.
Shares in ZE PAK traded 3.1% lower on Monday and headed for the lowest close in more than two years. Cyfrowy Polsat declined as much as 1.4%.
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