Quantum Blockchain Technologies PLC (AIM:QBT) said its wholly-owned subsidiary Clear Leisure has received a favourable ruling from the Venice Appeal Court in its dispute with the former management team and internal audit committee of Sipiem in Liquidazione.
As noted in Clear Leisure’s announcement in November 2022, the Venice court ruled in favour of the group for an aggregate amount of €6.2mln, plus interest and adjustments for inflation and €85,500 in legal expenses (approximately £5.6mln combined).
Sipiem filed an appeal against the ruling in December, but the Venice Appeal Court has taken Clear Leisure’s side, allowing it to seek enforcement of the reward.
The Appeal Court did, however, grant the remaining Sipiem defendants’ request to enjoin enforcement of the judgment against the members of the internal audit committee and the main defendant’s family members.
Quantum Blockchain anticipates that Clear Leisure will commence efforts to collect the payment immediately, but cannot give an exact timeline at this stage.
In a statement, Francesco Gardin, chief executive and chairman of Quantum Blockchain, commented: “We are very happy indeed with the result achieved with the help and direction of our Milan lawyers in the Sipiem legal proceedings that have lasted several years.
“We are finally in the position to make efforts to collect the award payment and we will seek to do it with great determination.”