8 June 2017
In a ruling dated 31 May 2017, notified on 7 June 2017, the Court of Milan has ordered the conservative seizure (pursuant to article 316 of the Italian Criminal Procedure Code), in favour of EAM Solar ASA and EAM Solar Italy Holding S.r.l., on all assets connected to Marco Giorgi and Igor Akhmerov, up to the total amount of Euro 33.062.632,62.
The Court's decision was made in order to secure a possible compensation of part of the cash outlay made by of EAM companies in July 2014 in conjunction with the P31 fraud.
The amount identified by the court in this conservative seizure ruling is not to be interpreted as a limitation to the final damages claims that may be awarded EAM Solar ASA in the criminal proceedings in Milan.
The Court's decision was founded on the argument that with respect to the accused Giorgi and Akhmerov, there is good reason to believe that the guarantees for the payment of the civil obligations deriving from the crime of contractual fraud is lacking or will be dispersed.
Although requested by EAM, the Court did not grant conservative seizure against the parties with civil liabilities Aveleos SA, Avelar Energy Ltd and Enovos Luxembourg SA. The Court's argument for not granting the conservative seizure of assets was founded on the fact that;
"there is no doubt that such companies are entities of relevant economic capability. [.] Thus, it is not proven, with respect to these companies, that the guarantees for payment compensation claim to EAM companies' would be lacking" (Ruling from the Court of Milan dated 31 May 2017, page 6).
The ruling can be appealed, pursuant to articles 318 and 324 of the Italian Criminal Procedure Code, within ten days from the date of the seizure's execution.
EAM will initiate the necessary measures to secure assets in accordance with the Court's ruling.
For information, please contact:
Viktor E Jakobsen, CEO, phone +47 9161 1009, viktor@eam.no
About EAM Solar: EAM Solar 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.