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    EAM   NO0010607781


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EAM Solar ASA: Legal status update

06/01/2021 | 01:01pm EDT
1 June 2021

EAM Solar ASA has filed a private criminal proceeding against the company Enovos
Luxembourg SA in Oslo District Court

On Friday 28th of May, EAM Solar ASA filed a private criminal proceeding for the
crime of serious fraud against the company Enovos Luxembourg SA in Oslo District
Court. The private criminal proceeding is initiated in accordance with section
402 of the Norwegian Criminal Procedure Act.

To the Company's knowledge, neither Enovos Luxembourg SA, nor any of its
employees, have been investigated or indicted by any prosecuting body for the
fraud against EAM Solar ASA.

In 2016, through final judgements by the Criminal Court of Milan and the
Administrative Court of Lazio (Rome), it became a legal fact that the subsidy
contracts for 17 of 21 solar PV power plants transferred by a subsidiary of
Enovos Luxembourg SA to EAM Solar ASA were not valid and were consequently
terminated. In addition to loss of future revenues, the solar PV power plants
were also required to return all subsidy payments received between 2011 and 2014
to the State of Italy. EAM Solar ASA has experienced significant economic losses
due to the fraud in the period 2014 to 2020.

Reference is given to the Company's annual reports for the period 2014 to 2020
for further information.

EAM Solar ASA to appeal Milan Criminal Appeal Court ruling to the Supreme Court
of Cassation. 

Following the reception of the full judgement from the Milan Criminal Court of
Appeal on April 20th, 2021, EAM Solar ASA has decided to join with the
Prosecutor's Office in Milan in appealing to the Italian Supreme Court of

EAM Solar ASA seeks to reinstate the convictions of Igor Akhmerov and Marco
Giorgi for the crime of fraud against EAM.

The appeal is based on several cases of misinterpretation of facts in the
grounds for judgment by the Milan Criminal Court of Appeal.

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

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

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange

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Sales 2020 1,27 M 1,47 M 1,47 M
Net income 2020 -0,17 M -0,20 M -0,20 M
Net Debt 2020 4,15 M 4,81 M 4,81 M
P/E ratio 2020 -507x
Yield 2020 -
Capitalization 7,92 M 9,18 M 9,18 M
EV / Sales 2019 4,01x
EV / Sales 2020 11,1x
Nbr of Employees -
Free-Float 61,2%
Duration : Period :
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Managers and Directors
Viktor Erik Jakobsen CEO, Head-Investor & Media Relations
Ragnhild Marta Wiborg Chairman
Pňl Hvammen Independent Non-Executive Director
Stephan Lange Jervell Independent Non-Executive Director