Quantum Blockchain Technologies PLC on Thursday provided an update on its legal claim against Sipiem in Liquidazione Srl, saying eight of the ten defendants from Sipiem appealed against the Venice court’s judgement
The Sipiem defendants were among the previous management team and internal audit committee of Clear Leisure 2017, which is the wholly-owned subsidiary of Quantum Blockchain.
The London-based investment company said the court ordered the defendants to pay its subsidiary an aggregate amount of €6.2 million in damages including interests and inflation adjustments, plus €85,499 in legal expenses.
The eight appealing Sipiem defendants requested the Venice Court of Appeal to set aside the Court’s judgement and enjoin the enforceability of the award payment until an appeal ruling is made.
Hearings for the defendants’ appeals are expected to commence in March 2023, with the Court of Appeal to set a final date for the first hearing in the coming weeks. The award payment remains fully subject to enforcement proceedings until any court order to the contrary.
Quantum Blockchain said Clear Leisure 2017 intends to seek dismissal of the appeals.
Shares in Quantum Blockchain were down 1.9% to 0.91 pence in London on Thursday afternoon.
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