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Criminal Appeal Court of Milan
On 20 January 2021, the Criminal Appeal Court of Milan revoked the first instance judgement of the Criminal Court of Milan, which concluded that EAM Solar ASA and EAM Solar Italy Holding were victims of the fraud conducted by Igor Akhmerov and Marco Giorgi, indictment point “F”.
Akhmerov and Giorgi were acquitted by the Court for all points of indictment related to fraud against the GSE (State of Italy).
The Criminal Appeal Court also revoked the ruling to hold Aveleos financially liable for the acts of Akhmerov and Giorgi.
The Court decision is a two-page notice identifying the decisions without presenting arguments or explanations for the revocation of the Criminal Court of Milan ruling of 2019.
The complete ruling including the explanation of the decision are to be made public within 90 days from the date of the decision.
The decision is not final and will be appealed.
Criminal Investigation in Bolzano
The stock exchange notice published the 29th of October 2020 identified that EAM Solar ASA was informed on the 28th of October 2020 that the Prosecutor within the Criminal Court of Bolzano, Italy, had ordered the financial police to perform a search and seizure of documents from 57 Italian companies related to ownership 58 Solar PV power plants with subsidized electricity sales contracts towards GSE, of the State of Italy.
On the 11th January 2021, EAM Solar ASA learned that the Bolzano Public Prosecutor had requested the Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime ("Økokrim”) for a search of the offices of EAM Solar ASA in relation to the above-mentioned investigation.
EAM Solar ASA has been in a continuous dialogue Økokrim since 2017 in relation to the fraud conducted against the company in 2014.
Following the request from Bolzano Økokrim was invited to EAM Solar ASA’s offices and a voluntary transfer of documentation was conducted on the 21st of January 2021. EAM Solar ASA will continue to transfer documentation to the extent requested by Økokrim in relation to the Bolzano investigation.
Aveleos Bankruptcy Proceedings in Luxembourg
On the 12th of January 2021, the Bankruptcy Court in Luxembourg ruled that it could not declare Aveleos SA bankrupt due to lack of final certainty of the claim. Furthermore, the Bankruptcy Court stated that it was unable to solely rely on reports from RSM Luxembourg and RSM Oslo, which suggested that Aveleos SA is de facto bankrupt and operating at the creditors expense, since RSM had been commissioned unilaterally and not by the court itself.
For further information, please contact:
Viktor E Jakobsen, CEO, phone +47 9161 1009, viktor@eam.no
About EAM Solar ASA: EAM Solar ASA is a utility company that acquires and operates solar power plants. The Company currently owns solar PV power plants in Italy. The plants are operating under long-term sales contracts. In addition, the Company’s business is lawsuits in relation acquisition of solar power plants.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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