Fortum has initiated legal proceedings against Forward Energo to recover approximately EUR 800 million in intercompany loans

FORTUM CORPORATION PRESS RELEASE 22 OCTOBER 2024
 

Fortum has initiated legal proceedings before a Dutch civil court against Forward Energo (formerly known as PAO Fortum). The proceedings concern intercompany loans of approximately EUR 600 million granted to PAO Fortum. PAO Forward Energo is in payment default of all intercompany loans. The majority of these loans have reached their maturity date and have not been repaid. In addition, PAO Forward Energo has failed to pay the interest due on all loans. The claim, including interest and default interest, amounts to approximately EUR 800 million. The final amount will depend on the RUB/EUR foreign exchange rate and amount of due interest.

The process is expected to take some years. Under the initial loan agreements, disputes between the parties, are to be settled in Dutch Courts and according to Dutch law.

Fortum Corporation
Communications

Further information:

Fortum News Desk, newsdesk@fortum.com, +358 40 198 2843

Fortum

Fortum is a Nordic energy company. Our purpose is to power a world where people, businesses and nature thrive together. We are one of the cleanest energy producers in Europe and our actions are guided by our ambitious environmental targets. We generate and deliver clean energy reliably and help industries to decarbonise their processes and grow. Our core operations in the Nordics comprise of efficient, CO2-free power generation as well as reliable supply of electricity and district heat to private and business customers. For our ~5 000 employees, we commit to be a safe, and inspiring workplace. Fortum's share is listed on Nasdaq Helsinki. www.fortum.com