Update on Sipiem Funds Recovery – Favourable Court Ruling
Quantum Blockchain Technologies PLC (AIM: QBT) said it has received a favourable court ruling in relation to the Sipiem funds recovery actions being pursued by its wholly owned subsidiary, Clear Leisure 2017 Ltd.
The AIM-listed investment company said the Court of Biella in Italy has dismissed in full a defendant’s appeal challenging the validity of enforcement proceedings over a third real estate asset.
The ruling confirms the validity of the real estate enforcement proceedings brought by Clear Leisure 2017 over the property and allows the judicial sale process to resume.
The property has been independently valued by a court-appointed surveyor at approximately €272,600. The court-ordered auction has been set for October 21, 2026, with a minimum offer price of €204,450.
The court also ordered the defendants, jointly and severally, to reimburse Clear Leisure 2017’s legal costs of €5,800, plus applicable statutory additions.
Quantum Blockchain said the defendants may appeal the judgment by July 29, 2026. In the meantime, Clear Leisure 2017 has served notice of the judgment and intends to commence enforcement proceedings for the recovery of legal costs if they are not paid voluntarily.
The company said the ruling removes a significant procedural challenge and enables Clear Leisure 2017 to continue the judicial sale process relating to the property, following the order for sale issued by the Court of Biella on March 18, 2026.
Clear Leisure 2017 continues to pursue enforcement actions arising from the final judgment of the Venice Court of Appeal, under which it was awarded damages in excess of €6 million, plus interest, inflation compensation and legal costs.
Quantum Blockchain said the process relating to two other property assets, which are part of the defendant’s court-supervised liquidation, is continuing. The next step is for the liquidator to announce the timetable for the sale process for those properties.
Chief executive and executive chairman Francesco Gardin said the Court of Biella decision confirms the validity of the enforcement proceedings over the third property asset and removes a significant procedural obstacle.
He said the ruling represents another important step in the company’s strategy to recover the sums awarded to Clear Leisure 2017.
