Quantum Blockchain Technologies PLC (AIM:QBT, FRA:BYA1) has moved the Sipiem funds recovery process into a new phase after an Italian court ordered the auction of one confiscated property, as the AIM-listed company continues efforts to enforce a damages award worth more than €6 million plus interest and inflation adjustments.
The company said its wholly owned subsidiary Clear Leisure 2017 has so far recovered €743,500 from the case, including €700,000 received in June 2024 from members of Sipiem’s statutory audit committee, €34,500 collected during 2025 from the main defendants’ bank accounts and a further €9,000 refund of legal expenses.
QBT said the Court of Biella has scheduled the judicial auction of one of two confiscated real estate assets for 6 May.
The property will go to auction with a starting price of €287,157, a level set at 25% below the surveyor’s assessment in line with the Italian Civil Code.
A third property identified by CL2017 is also the subject of a confiscation request, though that move is being challenged by the defendants and is awaiting a court decision.
Separately, QBT said it has agreed a €37,000 settlement with an insurance company that had provided certain defendants with professional indemnity cover, reimbursing legal expenses.
The company added that other defendants still remain liable for around €500,000, with further recovery actions underway.