Quantum Blockchain shares fall as enforcement of EUR 6m judgement paused

(Sharecast News) - Quantum Blockchain Technologies said in an update on Friday that enforcement proceedings linked to its €6m-plus damages award in the Sipiem litigation had been temporarily halted, while the group expected a final payment from the Mediapolis insolvency process by the end of June.

The AIM-traded company said that, following a 10 June 2024 judgment by the Venice Court of Appeal awarding it damages in excess of €6m plus interest and inflation adjustments via its subsidiary Clear Leisure 2017, it had been pursuing enforcement action in Italy against a former Sipiem director.

That had included the planned sale of a seized real estate asset scheduled for 6 May this year.

However, the firm said it had now been informed that the director had filed for bankruptcy under an Italian court-supervised liquidation procedure, prompting a court order to stay the enforcement proceedings.

As a result, the liquidation of the seized assets had been paused, with QBT's Italian legal advisers currently reviewing the situation.

The company said it would provide further updates as appropriate.

Separately, QBT said progress had been made in the Mediapolis insolvency, with the liquidator confirming that the final outstanding creditor dispute had been resolved.

The firm said it now expected to receive the last instalment of around €132,000 due under its settlement agreement, subject to completion of the remaining formalities of the liquidation process, which it expected would be before the end of June.

At 0926 BST, shares in Quantum Blockchain Technologies were down 4.08% at 0.49p.

Reporting by Josh White for Sharecast.com.

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