Business
Update on Sipiem Court Appeal
Update on Sipiem Court Appeal.
About this update from Quantum Blockchain Technologies Plc
[{"type":"text","content":"\n \n 15 March 2023\n \n Quantum Blockchain Technologies Plc\n \n( “QBT” or “the Company”)\n Update on Sipiem Legal Claim\n The board of Quantum Blockchain Technologies (AIM: QBT) is pleased to provide an update in respect of QBT’s wholly owned subsidiary Clear Leisure 2017 Ltd’s (“CL17”) claim against the former management team and internal audit committee of Sipiem in Liquidazione S.r.l (“Sipiem”).\n Background\n As noted in the Company’s announcement of 1 November 2022, the Venice Court ruled in favour of CL17 for an aggregate amount of €6,188,974 (plus interest and adjustments for inflation to accrue from different dates until the date of payment) in damages, plus €85,499 in legal expenses (together the “Award Payment”).\n On 1 December 2022, the Sipiem defendants filed their appeals against the ruling, requesting the Venice Court of Appeal (“Appeal Court”) to:\n \n set aside the Venice’s Court’s judgment; and\n enjoin the enforceability of the Award Payment until the ruling of the set aside appeal.\n \n Update\n The Company is pleased to report that the Appeal Court has ruled in favour of CL17 thereby allowing it to seek enforcement of the Award Payment against the main Sipiem defendant (former director of Sipiem), who is individually liable for the full amount of the Award Payment. The Appeal Court did, however, grant the remaining Sipiem defendants’ request to enjoin enforcement of the judgment against the members of the internal audit committee and the main defendant’s family members.\n The Company anticipates that CL17 will commence efforts to collect the Award Payment from the main defendant immediately. CL17 cannot confirm, at this stage, the exact amount of the Award Payment that will eventually be collected.\n Appeal Status\n With regards to the Sipiem defendants’ appeal to set aside the Venice’s Court’s judgment, a first procedural hearing (pertaining to three of the four matters on appeal) was held on 9 March 2023. No decision was issued by the Appeal Court at the time, but it indicated it expects to confirm the date of a further hearing shortly. A further procedural hearing regarding the fourth appeal is scheduled for 16 March 2023. The Appeal Court is also expected to merge the four appeals into a single proceeding when it confirms the date of the next hearing.\n As the nature of any appellate process concerns q...