REG-Quantum Blockchain Technologies Plc: Sipiem Court Update

Quantum Blockchain TechnologiesAnnouncement

Wed 10:00

17 December 2025

 

 

Quantum Blockchain Technologies Plc

(“QBT” or “the Company”)

 

 

Sipiem Court Case Update

 

Quantum Blockchain Technologies plc (AIM: QBT), the AIM-listed investment
company, provides below an update on the Sipiem litigation, through which the
Company was awarded damages in excess of €6 million (plus interest and
further compensation for inflation loss over time) pursuant to a judgment
issued by the Venice Court of Appeal on 10 June 2024.            

  

The same Appeal Court ruling further awarded the Company’s wholly-owned
subsidiary, Clear Leisure 2017 Limited (“CL2017”), legal costs of
approximately €80,000 which are to be paid by the insurance company which
had provided certain of the defendants with professional indemnity insurance.
CL2017 is now seeking recovery of these funds from the insurance company.

 

As announced on 16 May 2024, CL2017 had reached an agreement with some of the
Sipiem defendants who were liable for a portion of the judgment, approximately
€1.1million, to settle for                      €700,000. However, that
settlement was subject to appeals court approval which was not received for
technical legal reasons. Accordingly, CL2017 is now seeking to recover the
outstanding €500,000 (being the difference between the settlement and
judgment amounts above plus interest and further compensation for inflation
loss over time) from these defendants. Towards this,                     
enforcement action has been started in respect of properties owned by these
defendants.

 

The defendants appealed in January 2025 to Italy’s highest court in Rome
against the Court of Appeal’s judgment. Despite this appeal, while it
remains pending, CL2017 continues to have full legal authority to recover the
entire €6 million plus interest and further compensation for inflation loss
over time , less the €700,000 in settlement funds received from certain of
the defendants (as announced on 16 May 2024 and as described above) and
several tens of thousands of funds confiscated from the bank accounts of
certain defendants.

 

Further to these recovery efforts, CL2017 has recently confiscated two real
property assets valued by a surveyor in excess of €600,000. A third real
property asset has been identified by CL2017 and a confiscation request has
been duly filed.

 

Similarly, further enforcement actions have been, and will be, started against
                    properties belonging to the defendant          s         
           who have already paid the above-mentioned €700,000          .
The two real properties mentioned above are set for auction on a date to be
ordered shortly by a judge in Biella (the province where the properties are
located).

 

In addition to the real property seizures, chattel assets owned by certain
defendants have been confiscated, including approximately 20 items of artwork.
CL2017 will obtain a valuation from an art expert as soon as practical.       
            The liquidation of these chattel assets will be carried out in
accordance with Italian civil law procedure.

 

 

Francesco Gardin, CEO and Executive Chairman of QBT, commented                
   , “The determination to collect the awarded damages is steadfast and will
continue by CL2017 undeterred.                      These efforts will
continue until such time as the judgment is fully and finally satisfied or
until CL2017 is confident that no more funds and assets are in the possession
of any of the Sipiem defendants. All recovery action legally possible under
Italian Civil Law has been, is and will be pursued by CL2017 for as long as it
takes.”

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR.

 

For further information please contact:

 

Quantum Blockchain Technologies Plc                               +39 335
296573

Francesco Gardin, CEO and Executive Chairman

 

SP Angel Corporate Finance                               (Nominated Adviser &
Broker)                     +44 (0) 20 3470 0470

Jeff Keating

 

Leander                                                    (Financial PR)    
                +44 (0) 7795 168 157

Christian Taylor-Wilkinson

 

 

About Quantum Blockchain Technologies Plc

 

QBT (AIM: QBT) is a London Stock Exchange AIM listed Research & Development
and investing company focused on an intensive R&D programme to disrupt the
Blockchain Technologies sector which includes, cryptocurrency mining and other
advanced blockchain applications. The primary goal of the R&D programme is to
develop Bitcoin mining tools and techniques, via its technology-driven
approach, which the Company believes will significantly outperform existing
market practices.

 



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