Orrön Energy AB ("Orrön Energy" or "the Company") announces that the proceedings before the Stockholm District Court related to the legacy Sudan legal case have concluded after more than two and a half years. Claims for reimbursement of costs totalling SEK 818,701,500 (approximately MEUR 76) for costs incurred for the defence of the Company and the former Company representatives have been filed. A verdict is expected in early December.
The Company has always been, and remains firmly convinced, that neither the Company nor its former representatives have committed any wrongdoing, and is strongly of the view that no evidence has been presented in the Stockholm District Court that would demonstrate otherwise. On the contrary, the proceedings have demonstrated that the Company conducted its operations in Sudan responsibly, in line with international standards, advocated for peace through peaceful means, and was a positive force for development.
In connection with the conclusion of the trial, claims for reimbursement of costs incurred for the defence of the Company and the former Company representatives amounting to SEK 818,701,500 (approximately MEUR 76) in total have been filed, reflecting the significant work undertaken during more than 15 years to review the investigation materials into events dating back nearly 30 years, and to prepare the defence in a historically long trial. The defence work and costs have been exacerbated by the manner in which the Prosecution conducted the preliminary investigation, the vague and imprecise allegations and the continuous adjustments to the case. The cost claims, and any final reimbursable amount, remain subject to the judgement of the Stockholm District Court, which is expected in early December.
Daniel Fitzgerald, CEO commented;
"This case has been built on extremely vague allegations that remain unsupported by any form of evidence after more than 15 years of proceedings and over two and a half years of hearings in Court. Nothing has been presented during the trial that would indicate that the Company or its former representatives have committed any wrongdoing, and I am convinced that the outcome will be a full acquittal. This case and the related costs have not only impacted the Company and the individuals over all these years, but ultimately also the Swedish state and taxpayers. I look forward to putting this behind us so that we can continue to focus on delivering long-term value for our shareholders."
For further information, please contact:
Robert Eriksson
Corporate Affairs and Investor Relations
Tel: +46 701 11 26 15
robert.eriksson@orron.com
Jenny Sandström
Communications Lead
Tel: +41 79 431 63 68
jenny.sandstrom@orron.com
Orrön Energy is an independent, publicly listed (Nasdaq Stockholm: "ORRON") renewable energy company within the Lundin Group of Companies. Orrön Energy's core portfolio consists of high quality, cash flow generating assets in the Nordics, coupled with greenfield growth opportunities in the Nordics, the UK, Germany, and France. With significant financial capacity to fund further growth and acquisitions, and backed by a major shareholder, management and Board with a proven track record of investing into, leading and growing highly successful businesses, Orrön Energy is in a unique position to create shareholder value through the energy transition.
Forward-looking statements
Statements in this press release relating to any future status or circumstances, including statements regarding future performance, growth and other trend projections, are forward-looking statements. These statements may generally, but not always, be identified by the use of words such as "anticipate", "believe", "expect", "intend", "plan", "seek", "will", "would" or similar expressions. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that could occur in the future. There can be no assurance that actual results will not differ materially from those expressed or implied by these forward-looking statements due to several factors, many of which are outside the company's control. Any forward-looking statements in this press release speak only as of the date on which the statements are made and the company has no obligation (and undertakes no obligation) to update or revise any of them, whether as a result of new information, future events or otherwise.
