Highwood Partners takes legal steps to annul Elektrim shareholders meeting

Highwood Partners placed a motion in a Warsaw court to annul all the decisions of Elektrim's recent General Shareholders Meeting, which allowed Polsat Media and TCF to take the control over the supervisory board. The fund accuses the two of collusion and breaking the law on trading securities. It claims that Leszek Maciusowicz, one of those appointed to Elektrim's supervisory board, was working for Trigon Polska, a company advising Polsat Media, and who recently quit the job to become the president of TCF. "This implies close business relations between Trigon Polska, Polsat Media and TCF," claims the fund. If the court fails to overturn the decisions of the shareholders meeting and leaves Polsat in control of Elektrim, "Then shareholders law is fiction in Poland," read a statement from Highwood Partners. (Parkiet, p. 3) M.M.