Quantum Blockchain happy with latest court rulings

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

The AIM-traded company noted that last November the Venice court ruled in favor of CL17, awarding €6.19 million in damages and €0.09 million in legal fees.

It said the Sipiem defendants appealed the ruling in December.

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

The Court of Appeal had, however, accepted the remaining Sipiem defendants’ petition to order enforcement of the judgment against the members of the internal audit committee, and the main defendant’s family members.

QBT said CL17 was expected to start work to recover 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 overturn the Venice court’s verdict was ongoing.

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

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

According to the company’s legal advisers, the next hearing to be set is likely to be the last hearing for the appeals, as it will be on questions of law and not facts.

The date of the final hearing remained subject to the court’s workload.

“We are very pleased with the result achieved with the help and guidance of our Milan lawyers in the multi-year Sipiem trial,” said Chairman and CEO Francesco Gardin.

“We are finally in a position to make the effort to collect the prize, and we will try to do so with great determination.”

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

Reporting by Josh White for Sharecast.com.