Quantum Blockchain Technologies PLC (AIM:QBT), in a statement on Wednesday, provided an update on recovery efforts linked to the Sipiem litigation, under which its subsidiary was awarded damages in excess of €6 million by the Venice Court of Appeal.
The judgment was issued in June 2024 and remains under appeal to Italy’s highest court. Despite the pending appeal, the company said its wholly owned subsidiary, Clear Leisure 2017 Limited, retains full legal authority to enforce the judgment. Two real property assets valued at more than €600,000 have been confiscated, with further properties identified and additional enforcement actions underway.
“The determination to collect the awarded damages is steadfast and will continue by CL2017 undeterred,” said chief executive officer Francesco Gardin. He added that recovery actions will continue until the judgment is fully satisfied or no further assets are identified.