EAM Solar

Legal Proceedings Report • Apr 18, 2019

Legal status update: Criminal Court decides EAM Solar ASA has been subject to fraud

Legal status update: Criminal Court decides EAM Solar ASA has been subject to fraud

The Criminal Court of Milan published its ruling in the criminal proceedings were EAM Solar ASA has been included as a civil damaged party.

The Criminal Court found it evidenced and consequently decided that Both Mr Giorgi and Mr Akhmerov is guilty of criminal contractual fraud against EAM Solar ASA in conjunction with the sale of the so-called P31 portfolio, i.e. both are found guilty according to the State Prosecutors Office of Milano’s Indictment point F.

The Criminal Court also decided that Aveleos S.A. has to pay EAM Solar ASA provisional damages of EUR 5m immediately, not awaiting appeal or the final damages decision.

EAM Solar ASA and its legal counsel expect to receive the written judgement tomorrow from the Criminal Court of Milan and will revert to the market with more comprehensive information when this is received.

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 solar power plants.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.