EAM Solar ASA: Outcome of Milan Criminal Appeal

05 Jul 2024 07:00 CEST

4 July 2024

Today, 4 July 2024, EAM was informed of the outcome of the Milan Criminal Appeal
proceedings where, under indictment point F, EAM held the status of a victim for
the alleged fraud of Marco Giorgi and Igor Akhmerov.

The Court of Appeal of Milan has acquitted Akhmerov and Giorgi for fraud in
relation to indictment point F and denied the civil liability of these
defendants recognised in the first instance judgement in 2019.

In relation to indictment points B and D, the Court upheld the first instance
determination of fraud against the State of Italy in relation to solar plants
constructed under Conto Energia 2 and 4. However, the criminal offences are now
time-barred by the statute of limitations, the Court of appeal did therefore not
make any judgement on guilt. However, the court upheld the civil liability of
SAEM, Aveleos and Avelar Management towards the civil parties under points B)
and D).

At this moment EAM has no knowledge of the grounds or reasoning for the
decision, having only received the short-form version of the judgement. EAM is
informed that the full grounds of the judgement will be filed within 30 days.
Since Italy has a court holiday in August, the full judgement may be published
in September.

EAM is examining, with its legal counsel, a possible appeal to the Supreme Court
of Cassation.

Attached is a copy of the decision in its original Italian.



For further information, please contact:

Viktor E Jakobsen, Chair, 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.

More information:
Access the news on Oslo Bors NewsWeb site

623110_Milan Court of appeal decision 20240704.pdf