Business
Sipiem Court Hearing
Sipiem Court Hearing.
About this update from Quantum Blockchain Technologies Plc
[{"type":"text","content":"\n \n 10 February 2020\n \n Clear Leisure Plc\n \n(“Clear Leisure” or “the Company”)\n Update on Sipiem Court Hearing\n The board of Clear Leisure (AIM: CLP) is pleased to give shareholders an update on the first hearing in respect of the legal action against the former directors of Sipiem SpA which was held on 5 February 2020 in the Venice Court.\n Legal representatives of all parties involved in the claim appeared in Court, including the legal representatives of two insurance companies, (among the largest operating in Europe) which have provided professional indemnity cover to the majority of the eight defendants. The insurance documents seen by the Directors indicate that, for this specific case, the professional insurance cover is €1,000,000 per year, per insurance company. Therefore, €2,000,000 per year of cover has been provided. The alleged misconduct described in the claim took place over a number of years.\n The judge has set deadlines for the submissions of further documents and reconvened the parties for the second hearing on 6 May 2020. It is difficult to predict the length of time before any conclusion in this action is reached but our legal advisers have estimated between two to three years.\n \n Francesco Gardin: “The Sipiem trial has finally started, and we are very pleased that two of the largest European insurance groups are involved, having provided professional insurance cover to several of the defendants. We are now assessing options with our lawyers to increase further the legal pressure on the defendants.”\n -ends-\n For further information please contact:\n \n Clear Leisure Plc +39 335 296573\nFrancesco Gardin, CEO and Executive Chairman\n \n SP Angel Corporate Finance (Nominated Adviser & Broker) +44 (0)20 3470 0470\nJeff Keating / John Mackay \n \n Leander (Financial PR) +44 (0) 7795 168 157\nChristian Taylor-Wilkinson\n About Clear Leisure Plc\n Clear Leisure plc (AIM: CLP) is an AIM listed i...