Quantum Blockchain Technologies PLC (AIM:QBT) said it will now start the process of collecting at least €6.2mln of legal damages awarded to its subsidiary after a Venice court ruled in favour of its Sipiem claim.
But the company said that as only one of the two insurers involved in the litigation was held responsible for damages, with a liability capped at approximately €450,000, plus interest and adjustments for inflation, “it is worth noting that there is currently no certainty on the exact amount of the award payment that will eventually be collected by the company and the timing of receipt of any such funds”.
The wholly owned Clear Leisure 2017 (CL17) subsidiary made a claim against the previous management and internal audit committee of Sipiem in Liquidazione Srl, which was formally declared bankrupt in August 2022.
Under the ruling, the Venice court ordered the defendants to pay CL17 €6.19mln plus interest and adjustments for inflation to accrue from different dates until the date of payment in damages, plus €85,499 in legal expenses.
The award payment is subject to a 3% tax duty in Italy, for which all judicial parties are jointly liable.
QBT said CL17 will evaluate the defendants’ assets available to be seized should voluntary payments by the defendants not be forthcoming.
The Sipiem claim was acquired by CL17 for a consideration of €50,000 plus 30% of any funds recovered by CL17 from the defendants, deducting legal and other expenses borne by CL17 connected to the litigation, including applicable tax duties.
After the seven-year claim was resolved, Francesco Gardin, chief executive and chairman of QBT, said: “While the process has taken a long time to reach this point, we are very pleased to have finally attained this outcome. We will now apply the same very determined and scrupulous approach to the collection of the sums due from the defendants.”