Quantum Blockchain pleased with latest court decisions

Quantum Blockchain Technologies updated the market on its subsidiary Clear Leisure 2017 on Wednesday, and its legal claim against the former management team and internal audit committee of Sipiem.

The AIM-traded company noted that In November last year, the Venice court ruled in favour of CL17, awarding €6.19m in damages and €0.09m in legal expenses.

It said the Sipiem defendants filed their appeals against the ruling in December.

The firm said the recent update revealed that the Appeal Court had ruled in favour of CL17, allowing it to seek enforcement of the award payment against the main Sipiem defendant, who remained individually liable for the full amount.

However, the Appeal Court had granted the remaining Sipiem defendants' request to enjoin enforcement of the judgement against the members of the internal audit committee, and the main defendant's family members.

QBT said CL17 was expected to begin efforts to collect the award payment from the main defendant immediately, but the exact amount to be collected was yet to be confirmed.

Meanwhile, the Sipiem defendants' appeal to set aside the Venice Court's judgement was ongoing.

A first procedural hearing was held on 9 March, pertaining to three of the four matters on appeal, with a further procedural hearing scheduled for 16 March.

The company said the Appeal Court was expected to merge the four appeals into a single proceeding when it confirms the date of the next hearing.

According to the company's legal advisors, the next hearing to be set would likely be the final hearing for the appeals, as it would concern questions of law and not fact.

The date for that final hearing remained subject to the court's workload.

“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,” said chairman and chief executive officer Francesco Gardin.

“We are finally in the position to make efforts to collect the award payment and we will seek to do it with great determination.”

At 1339 GMT, shares in Quantum Blockchain Technologies were down 3.89% at 1.73p.

Reporting by Josh White for Sharecast.com.