TV group Polsat took control of troubled conglomerate Elektrim's supervisory board on Friday, raising fears among Elektrim's creditors that the media firm would try to strip out the company's most valuable assets.

During a stormy shareholders meeting, Polsat and its allies gained a majority on the board and voted changes to the company's charter that lower the majority of shareholder votes needed for key decisions to 50% from 75%.

Bondholders said they would challenge the changes in court, alleging that they allow Polsat to grab key Elektrim assets such as mobile telecom operator PTC.

Polsat owner Zygmunt Solorz, selected to head the supervisory board, strongly denied any plans for asset sales and pledged to work in Elektrim's interests.

But the ultimate fate of PTC remains unclear, while the Elektrim-Vivendi stake is still being challenged by PTC's other owner, Deutsche Telekom.

(WBJ 07.iv.03)