EAM Solar ASA

07/05/2019 | Press release | Distributed by Public on 07/04/2019 23:07

EAM Solar ASA: Appeal for the annulment of the arbitration decision in the Milan Chamber of Arbitration

EAM Solar ASA: Appeal for the annulment of the arbitration decision in the Milan Chamber of Arbitration

05.07.2019 07:00

4 July 2019 Reference is given to the stock exchange notice of the 4 April 2019. EAM Solar ASA is filing an appeal against the decision conducted by the Arbitration Tribunal of the Chamber of arbitration of Milan in the arbitration case no. 8816, where EAM Solar ASA and EAM Solar Italy Holding Srl filed a number of claims against Aveleos SA including the annulment of the purchase contract of 31 power plants in 2014. The appeal will be filed in the civil Court of Appeal of Milan. EAM Solar ASA is represented by Professor at law at the Sapienza University of Rome and lawyer Claudio Consolo, lawyer Maria Cristina Pagni of the firm WithersWorldWide, and the lawyers GianBattista Origoni Della Croce and Daniele Vecchi of the law firm Gianni, Origoni, Grippo, Cappelli & Partners. EAM Solar ASA asks the Civil Court of Appeal of Milan to annul the arbitration award of the 2nd of April 2019 based on 12 different accounts of breach of Italian law in its conclusions and the basis for the arbitration award. EAM Solar ASA and its legal counsel are of the opinion that an appeal of the arbitration award is well-grounded in Italian law, as well as necessary since the award is, among other reasons, considered to be in breach of public order. The appeal is also considered well-grounded based on the decision by the Criminal Court of Milan on 18 April 2019 stating that EAM Solar ASA was victim of criminal contractual fraud conducted by the two indicted directors of Aveleos SA, Mr. Giorgi and Mr. Akhmerov, that contravenes the arbitration award. Furthermore, the arbitration decision 2 April 2019 was not unanimous, with one out of three arbitrators dissenting from dismissing the claims brought by EAM Solar ASA. The Appeal is also supported by the conclusions of the dissenting opinion. The legal consequence of the filing of the appeal today is that the arbitration award is not considered legally binding (res judicata), and that the arbitration award no longer is considered confidential. EAM Solar ASA will revert with more information on the appeal process in our 2nd quarter report to be published on the 13th of August 2019. For further information, please contact: Viktor E Jakobsen, CEO, phone +47 9161 1009, [email protected] 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.