Yesterday, 17 June 2025, took place the hearing before the Italian Supreme Court in relation to the appeals against the Appeal Court of Milan’s decision of 4 July 2024.
EAM has been informed that all appeals have been rejected. Those of the indicted and of EAM. The decision of 4 July 2024 is now final. So far, no grounds for the decision have been made. Such grounds are expected in around 60 days.
The Milan criminal proceedings which began with arrests in 2014 have now concluded. Igor Akhmerov has been found liable for the crime contained in charge B. Mr. Akhmerov, Marco Giorgi, Aveleos SA and Avelar Management have been held liable for the crime contained in charge D.
EAM is disappointed in the Supreme Court’s decision not to reinstate the 2019 decision. The 2019 decision in EAM’s favor, along with the 2021 Supreme Court annulment of the first appeal, has long given the company the justification to believe that it had been a victim of contractual fraud. While EAM still believes such, the company recognizes the judgement of the Italian courts.
Notwithstanding the decision of the Supreme Court, EAM has made plans for such an outcome. One thing is clear: the Feed-in tariffs attached to power plants purchased by EAM in 2014 were obtained with fraud. People who sold these assets to EAM have been found liable for the frauds and sentenced to pay the Italian State.
The company has been presented with a number of possible legal options which may now begin since the criminal process has concluded. EAM will work with its Italian civil counsels to determine which of, and when, these next processes shall begin.
In the meantime, EAM will continue operating its 4 solar power plants with Feed-in Tariffs in Italy and pursuing the amounts awarded in other venues.
EAM will revert to the market in the future once it has more information to share.