[PANJIT] Announcement on behalf of subsidiary EC SOLAR C1 SRL regarding the execution of provisional attachment by the court (Correction of item 9: Typo in the acquisition year of EC SOLAR C1 SRL)
PANJIT issues a correction to its previous announcement, clarifying that Aide Energy Europe B.V. acquired EC SOLAR C1 SRL in 2012, not 2023. Other details regarding the EUR 55.85M provisional attachment remain unchanged.
📋 Article Processing Timeline
- 📰 Published: April 15, 2026 at 09:00
- 🔍 Collected: April 18, 2026 at 08:00 (71h 0m after Published)
- 🤖 AI Analyzed: April 18, 2026 at 21:21 (13h 21m after Collected)
1. Parties to the legal matter: EC SOLAR C1 SRL
2. Name of the court or sanctioning agency: Court of Rome, Office 40 of the Judge for Preliminary Investigations/Preliminary Hearings (GIP-GUP)
3. Reference number of the relevant document: Criminal Investigation Registration No. 38897/25
4. Date of occurrence of the event: April 15, 2026
5. Details of the events (including the subject matter under dispute):
(1) There has been a long-standing commercial dispute between EC SOLAR C1 SRL and the engineering contractor Ricciarelli. In October 2024, Vito Milella, the representative of the contractor, filed a complaint with the prosecutors alleging that EC SOLAR C1 SRL improperly obtained subsidy qualifications and funds under the "Fourth Energy Bill" in Italy.
(2) Given the time-consuming nature of the investigation, the Italian court took preventive property preservation measures. On April 15, 2026 (European time), a preventive provisional attachment was executed against EC SOLAR C1 SRL. The court ordered an upper limit for the preventive attachment equivalent to the disputed subsidies of EUR 55,851,713.90 spanning from February 23, 2012, to July 2025.
6. Handling procedure: The matters complained about by the contractor Ricciarelli occurred before the Company assumed ownership and management rights of EC SOLAR C1 SRL through Aide Energy Europe B.V. Currently, EC SOLAR C1 SRL has appointed lawyers to handle related matters to protect the company's rights and interests.
7. Impact on the company's finance and business and estimated amount: EC SOLAR C1 SRL had originally made an allowance for doubtful accounts according to the company's aging policy. Due to the aforementioned matter, a full allowance for loss on the disputed subsidy receivables was provisioned in the first quarter of 2026. This expected credit impairment loss is EUR 3,233,951.79 (approximately NT$ 120,368 thousand), and the estimated impact on the earnings per share of the Company's consolidated financial statements for the first quarter of 2026 is NT$ 0.32. The aforementioned expected credit impairment loss of EC SOLAR C1 SRL accounts for a small proportion of the Company's consolidated profit and loss, and since the Company's business focuses on the discrete semiconductor component business and its financial status is sound, this case has no material impact on the Company's finance and business. (Note) The relevant financial data for the first quarter of 2026 mentioned above have not yet been reviewed by CPAs, and the actual impact amount will be based on the financial statements reviewed by CPAs.
8. Countermeasures and improvement status: EC SOLAR C1 SRL has appointed lawyers to handle relevant matters to protect the company's rights and interests.
9. Other matters that need to be specified (if the subject of the event or resolution is a public company or above, this material information also meets the criteria for matters having a material impact on shareholders' equity or securities prices set forth in Subparagraph 2, Paragraph 1, Article 7 of the Securities and Exchange Act Enforcement Rules): The Company solemnly declares the following compliance facts: Before Aide Energy Europe B.V. acquired EC SOLAR C1 SRL in 2012, it commissioned Chiomenti, a top-three Italian law firm, to complete due diligence, confirming that the power plant grid connection and subsidy process were entirely compliant. Crucially, three major Italian banks (Leasint, Centro Leasing, MPS Leasing) signed three "Sale & Lease Back" contracts with the Company totaling up to EUR 54,741,783.58. These financial transactions were based on technical appraisals issued by independent technical company Ecomag S.r.l., explicitly verifying that the power plants had completed grid connection by August 30, 2011. Based on the strict credit reviews of the banking industry, it would have been impossible for banks to agree to undertake massive investments exceeding EUR 50 million if the fact of grid connection was not established. Furthermore, GSE (Gestore dei Servizi Energetici) conducted on-site audits from 2017 to 2019 and issued "Verification Qualification Notices" in 2020 and 2021, clearly affirming the legality and compliance of the power plants. EC SOLAR C1 SRL will actively cooperate with the judicial investigation and has retained professional lawyers to handle relevant litigation and legal matters to safeguard the rights and interests of the Company and all shareholders.
2. Name of the court or sanctioning agency: Court of Rome, Office 40 of the Judge for Preliminary Investigations/Preliminary Hearings (GIP-GUP)
3. Reference number of the relevant document: Criminal Investigation Registration No. 38897/25
4. Date of occurrence of the event: April 15, 2026
5. Details of the events (including the subject matter under dispute):
(1) There has been a long-standing commercial dispute between EC SOLAR C1 SRL and the engineering contractor Ricciarelli. In October 2024, Vito Milella, the representative of the contractor, filed a complaint with the prosecutors alleging that EC SOLAR C1 SRL improperly obtained subsidy qualifications and funds under the "Fourth Energy Bill" in Italy.
(2) Given the time-consuming nature of the investigation, the Italian court took preventive property preservation measures. On April 15, 2026 (European time), a preventive provisional attachment was executed against EC SOLAR C1 SRL. The court ordered an upper limit for the preventive attachment equivalent to the disputed subsidies of EUR 55,851,713.90 spanning from February 23, 2012, to July 2025.
6. Handling procedure: The matters complained about by the contractor Ricciarelli occurred before the Company assumed ownership and management rights of EC SOLAR C1 SRL through Aide Energy Europe B.V. Currently, EC SOLAR C1 SRL has appointed lawyers to handle related matters to protect the company's rights and interests.
7. Impact on the company's finance and business and estimated amount: EC SOLAR C1 SRL had originally made an allowance for doubtful accounts according to the company's aging policy. Due to the aforementioned matter, a full allowance for loss on the disputed subsidy receivables was provisioned in the first quarter of 2026. This expected credit impairment loss is EUR 3,233,951.79 (approximately NT$ 120,368 thousand), and the estimated impact on the earnings per share of the Company's consolidated financial statements for the first quarter of 2026 is NT$ 0.32. The aforementioned expected credit impairment loss of EC SOLAR C1 SRL accounts for a small proportion of the Company's consolidated profit and loss, and since the Company's business focuses on the discrete semiconductor component business and its financial status is sound, this case has no material impact on the Company's finance and business. (Note) The relevant financial data for the first quarter of 2026 mentioned above have not yet been reviewed by CPAs, and the actual impact amount will be based on the financial statements reviewed by CPAs.
8. Countermeasures and improvement status: EC SOLAR C1 SRL has appointed lawyers to handle relevant matters to protect the company's rights and interests.
9. Other matters that need to be specified (if the subject of the event or resolution is a public company or above, this material information also meets the criteria for matters having a material impact on shareholders' equity or securities prices set forth in Subparagraph 2, Paragraph 1, Article 7 of the Securities and Exchange Act Enforcement Rules): The Company solemnly declares the following compliance facts: Before Aide Energy Europe B.V. acquired EC SOLAR C1 SRL in 2012, it commissioned Chiomenti, a top-three Italian law firm, to complete due diligence, confirming that the power plant grid connection and subsidy process were entirely compliant. Crucially, three major Italian banks (Leasint, Centro Leasing, MPS Leasing) signed three "Sale & Lease Back" contracts with the Company totaling up to EUR 54,741,783.58. These financial transactions were based on technical appraisals issued by independent technical company Ecomag S.r.l., explicitly verifying that the power plants had completed grid connection by August 30, 2011. Based on the strict credit reviews of the banking industry, it would have been impossible for banks to agree to undertake massive investments exceeding EUR 50 million if the fact of grid connection was not established. Furthermore, GSE (Gestore dei Servizi Energetici) conducted on-site audits from 2017 to 2019 and issued "Verification Qualification Notices" in 2020 and 2021, clearly affirming the legality and compliance of the power plants. EC SOLAR C1 SRL will actively cooperate with the judicial investigation and has retained professional lawyers to handle relevant litigation and legal matters to safeguard the rights and interests of the Company and all shareholders.