RE: Expectations today10 Nov 2021 12:40
10 November 2021 at which time the Judge will receive the parties’ comments on the report of the independent expert.
Legacy Assets
In May 2021, the Company reported in respect of the Sipiem S.p.A. (“Sipiem”) legal claim, that the Court of Venice appointed independent expert had filed his report on the economic merit of the damages suffered by Sipiem and valued up to an amount of €7.8 million, subject to the Judge ruling that the conduct of Sipiem’s former board and internal audit committee was unlawful. However, at the hearing, the Company was informed that as one of the defendants had sadly passed away, it was required to take a few additional mandatory procedural steps, and this inevitably delayed the proceedings. The Court of Venice has re-scheduled the hearing for 10 November 2021 at which time the Judge will receive the parties’ comments on the report of the independent expert.
At the beginning of the year, the Company was notified that the Bologna Court elected to continue the €1.03 million legal claim against the previous management of Sosushi Srl, through an arbitration process (formally started on 18 January 2021), which will provide a legally binding decision on the matter.