Appeal of Arbitration decision of 2019 in Milan dismissed by the Civil Appeal Court of Milano
EAM Solar ASA filed on the 4th of July 2019 an appeal of the decision by Chamber of Arbitration of Milan in case no. 8816 to the civil Court of Appeal of Milan requesting the annulment of the arbitration award of the 2nd of April 2019.
The Civil Court of Appeal of Milan has decided to dismiss the request for the annulment of the Arbitration.
The Arbitration decision of the Arbitral Tribunal in 2019 in the case no. 8816, decided to dismiss EAM’s claims for annulment of the Share Purchase Agreement of 2014 based on the claim of fraud. However, the Tribunal declared the right of EAM to be compensated for losses suffered in connection with the breach of the Representation and Warranties under the SPA within the limits of the liability cap as defined in the SPA. The liability cap in the SPA is defined to be approximately EUR 3,7 million.
The Tribunal also decided that the ascertainment of any fraudulent act or behaviour of Messrs Giorgi and Akhmerov falls outside of the scope of the Arbitral Tribunal's jurisdiction, thus concluding that the arbitration decision was without any prejudice of any additional amount that might be found due because of any fraudulent act or behaviour of Mr Giorgi or Mr Akhmerov.
The Arbitration decision of 2019 is still not final since EAM may decide to appeal the dismissal by the Civil Appeal Court in Milan to the Supreme Court in Italy within the deadline of the 22nd of September 2021.
Criminal proceedings in Oslo District Court against Enovos Luxembourg SA
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 criminal proceedings are now formally initiated by the Oslo District Court. EAM will revert with information on court proceedings as this is published by the court.
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.