Quantum Blockchain pleased with latest court decisions
16:25 15/03/23
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Quantum Blockchain Technologies updated the market on its subsidiary Clear Leisure 2017 and its legal claim against Sipiem’s former management team and internal audit committee on Wednesday.
The company traded to AIM noted that the Venice court ruled in favor of CL17 last November, awarding €6.19 million in damages and €0.09 million in legal costs.
The Sipiem defendants appealed the verdict in December.
The company said the latest update revealed that the Court of Appeals ruled in favor of CL17, allowing it to seek enforcement of premium payment against Sipiem’s lead defendant, who remains individually liable for the full amount.
However, the Court of Appeal had granted the remaining Sipiem defendants’ motion to have the execution of the sentence against the members of the internal review committee and family members of the main defendant barred.
QBT said CL17 is expected to begin efforts to collect premium payment from the main defendant immediately, but the exact amount to be collected has yet to be confirmed.
Meanwhile, the Sipiem defendants were appealing to have the Venice Court’s judgment overturned.
An initial procedural hearing on three of the four appeal matters was held on March 9, with a further procedural hearing scheduled for March 16.
The company said the appeals court is expected to merge the four appeals into a single proceeding when it confirms the date of the next hearing.
In the opinion of the Company’s legal counsel, the next scheduled hearing would likely be the final hearing for the appeals because it would be a matter of law rather than fact.
The date for this final hearing remained dependent on the court’s workload.
“We are indeed very pleased with the result achieved with the help and guidance of our Milan lawyers in the Sipiem legal process that has lasted several years,” said President and CEO Francesco Gardin.
“We are finally in a position to make efforts to collect the premium payment and we will do so with great determination.”
As of 1339 GMT, shares in Quantum Blockchain Technologies are down 3.89% at 1.73 pence.
Reporting by Josh White for Sharecast.com.