Sipiem2 Feb 2025 23:26
Sipiem
This saga goes on and on but is it about to conclude?
There is a Court hearing on Thursday 6th February 2025 @ 10:20AM
The last RNS on this saga was on 18th June 2024.
“The Court of Appeal rejected all of the Sipiem defendants’ appeals with the exception of a minor claim. As a result, all damages awarded to CL17 as announced on 1 November 2022 were upheld by the Court, with the sole exception being the reduction of liability for one of the former directors by an amount of €105,412, reducing the total damage award to c.€6.1m, (the ”Judgment”).
“The Court confirmed the liability of the former directors and statutory auditors of Sipiem and also extended the finding of liability to the members of the internal audit committee, former directors and the main defendant’s family members whom the Court had, at a preliminary holding in the appeal, suspended enforcement of the lower court’s Judgment pending the appeal’s outcome. Finally, the Court accepted a withdrawal of an appeal by from one of the former Sipiem directors against her insurer.
“As a result, the Company may now seek to fully enforce the Judgment against all of the defendants for an aggregate amount of €6,083,562 in damages (plus interest and adjustments for inflation to accrue from different dates until the date of satisfaction of the Judgment), plus €85,499 in legal expenses for the trial court action and €48,677 in legal expenses for the appeal (such latter expense to be satisfied by one of the defendants’ insurers). Other legal expenses were reciprocally compensated and €5,000 were assessed against all parties.”
Will Dr. Silvia Ferrari – President, Dr. Nicola Del Vecchio – Dr. Judge & Sofia Gancitano - Reporting Judge issue the final judgement and enforce our claim for €6,083,562 along with legal expenses, plus interest and adjustments for inflation?
FG has pursued this case for many years, and it looks like it is finally drawing to a close in our favour.
RKB
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