22 October 2019
On Tuesday the 15th of October 2019, the Criminal Court of Milan released the
grounds for the ruling published on the 18th of April 2019.
The document is 300 pages in Italian describing the trial and the grounds for
the Criminal Court rulings. The document is now subject to a "court approved"
translation to English and will be published by EAM in its entirety when this
translation is received.
The Criminal Court ruling in favour of EAM Solar ASA, as published on the 18th
of April is repeated in the grounds published by the Court;
The Criminal Court of Milano found the two Aveleos Directors Igor Akhmerov and
Marco Giorgi guilty for criminal contractual fraud against EAM Solar ASA, and
sentenced them to prison terms and a provisional damage;
"Sentenced Akhmerov and Giorgi, together with the civil responsible Aveleos SA,
to pay damages in favour of the companies EAM Solar Italy Holding srl and EAM
Solar ASA, to be paid separately, with provisional payment determined at
5,000,000.00 euros, as well as reimbursement of court costs, which totalled
15,840.00 euros plus VAT and CPA, and 15% in the form of flat-rate reimbursement
In addition, the Criminal Court; "rejected the claim for "compensation in
relation to the civil responsible Avelar Energy Ltd. And Enovos Luxemburg S.A."
as also stated in the court decision of the 18th of April.
On the matter of the civil responsibility for economic damages versus Enovos and
Avelar, the Court chose in its decision the 18th of April to reverse previous
court resolutions on the financial liability based on the lack of autonomy of
Aveleos SA versus its shareholders Enovos and Avelar in conjunction with
In the grounds published on the 15th the Court states concerning the financial
liability the following (preliminary "non-court approved" translation);
"In the preliminary questions, the Court had rejected the request for exclusion,
as civil managers, of the two companies, noting that, in light of the elements
offered by the parties, it had to be considered, with the obvious limitations of
the preliminary ruling, that it was not possible to see a distinct subjectivity
of Aveleos with respect to the integrally holding companies of its social
capital and its actual administrators (Enovos Luxembourg for about 59 per cent
and Avelar Energy for about 41 per cent, as stated above): this resulted in
subsistence of an indicative framework indicative of the responsibility of
Enovos Luxemburg and Avelar Energy for the obligations assumed by Aveleos
through their managers, as they refer to them.
As a result of the judgment, the hypothesis formulated by the Court has not
found the necessary confirmation, as elements of denial, or at least doubt, have
emerged which do not allow us to believe that proof has been reached that
Aveleos was a mere legal shield of its members."
The Criminal Court proceedings in Milan involved only two out of six directors
of Aveleos involved in the fraudulent sale to EAM. The Enovos appointed
directors, subject to a criminal complaint filed by EAM in Luxembourg in 2016
together with Enovos Luxembourg et.al., has so far, to our knowledge, not been
subject to any investigation or equivalent process.
As previously reported, EAM filed a civil lawsuit against the Enovos directors
and Enovos et.al. subordinated the criminal complaint in July 2019.
The Criminal Court of Milan has not given any statement concerning the total
amount of damages award apart from the provisional, now enforceable, amount of
EUR 5 million. To EAMs knowledge the final damages award shall be determined in
a civil court proceeding following a final ruling.
EAM will revert to the market with updates on legal proceedings as soon as
possible, included a more comprehensible description of the fraud now firmly
documented and established by the Criminal Court of Milan involving the two
directors representing Avelar.
Appeals against the Criminal Court ruling must be filed within 45 days of the
publication of the grounds for the Courts decision, i.e. late November 2019.
For further information, please contact:
Viktor E Jakobsen, CEO, phone +47 9161 1009, firstname.lastname@example.org
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
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
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