District Court in Pozna?, Poland rejects Mariusz ?witalski's request to lift injunction

CHICAGO, June 30, 2020 /PRNewswire/ -- Forteam Investments Ltd., an investment company controlled by the American private equity firm Delta Capital Partners Management LLC ("Delta"), which is seeking approximately USD $86 million from Mariusz ?witalski and companies he controls, has secured an injunction against ?witalski and his assets.

A second injunction was also obtained against ?witalski and his four children, Mateusz, Natasza, Marcin and Miko?aj in relation to their ownership in the ?witalski FIZ investment fund.

?witalski is a Polish entrepreneur that has been named one of the richest persons in Poland by Wprost Weekly.

On June 25, 2020, a Pozna?, Poland court rejected a request to lift the first injunction against ?witalski in a decision that is unappealable.

Delta's CEO Christopher DeLise said, "This decision bodes well for the success of our legal case against Mariusz ?witalski. The court's choice to deny ?witalski's appeal underscores the judges' confidence in the merits of our legal arguments. Moreover, the attempt to conceal expensive cars at the ?witalski family residence by changing their number plates ahead of our bailiff's visit demonstrates desperate tactics to avoid fulfilling clear legal obligations. We understand that this matter with supporting evidence has been referred to the appropriate criminal prosecutor in Srem. We are also reassured by statements made last week by the Polish President and Prime Minister regarding the security and attractiveness of US investments in Poland. We are aware that this matter is being carefully observed by the American investment community."

The two injunctions related to Forteam's civil suits against ?witalski have been widely reported in the press, with outlets such as Gazeta Wyborcza and Puls Biznesu detailing ?witalski's history of evading contractual obligations.

By way of background, on May 8, 2015, Forteam purchased from Czerwona Torebka, a 100% stake in Ma?pka, the owner of the Ma?pka Express chain. Forteam eventually sold its 16.18% stake in Czerwona Torebka. The parties to that transaction were aware of Ma?pka's challenging situation and thus acknowledged in the agreement that additional considerable financing would be needed in order for Ma?pka to remain afloat.

Accordingly, Mariusz ?witalski and Sowiniec Group contractually agreed to guarantee that Forteam would make a profit from its investment when it eventually exited the business. In connection with the issuance of the guarantee in favor of Forteam, Mariusz ?witalski submitted a written declaration that his personal assets were sufficient to enable him to honor his obligations under the guarantee agreement.

Despite having engaged a well-respected independent investment bank in 2018 to run a robust sales process for it, Forteam was only able to sell Ma?pka Express for an amount well-below the minimum set forth in the definitive transaction documents and related guarantee agreement.

On December 28, 2018, Forteam notified ?witalski of its obligation to remit the monies owed to Forteam pursuant to the guarantee agreement. Notwithstanding, ?witalski and his companies have failed to pay any amounts due and owing to Forteam, which necessitated the filing of the injunctions and civil lawsuits.

SOURCE Delta Capital Partners