Quantum continues to pursue Clear Leisure debt

The AIM-traded investment company, through its subsidiary Clear Leisure 2017, was awarded damages in excess of €6 million ($6.94 million) plus interest and inflation-related compensation by the Venice Court of Appeal in June 2024

Quantum Blockchain Technologies said on Thursday that it was continuing to pursue recovery of more than €6 million ($6.94 million) in damages awarded in connection with the Sipiem litigation, with further legal actions underway and an Italian court ordering the auction of seized assets.

The AIM-traded investment company, through its subsidiary Clear Leisure 2017, was awarded damages in excess of €6 million ($6.94 million) plus interest and inflation-related compensation by the Venice Court of Appeal in June 2024.

Since then, the group had recovered a total of €743,500 ($860,194), including €700,000 ($809,867) from members of Sipiem’s statutory audit committee, €34,500 ($39,914) from collections on defendants’ bank accounts during 2025, and a further €9,000 ($10,413) in legal cost refunds.

The company also confirmed it had reached a settlement with an insurer that provided professional indemnity cover to certain defendants, securing an additional €37,000 ($42,807) reimbursement for legal expenses.

Quantum Blockchain said further recovery actions were ongoing, including proceedings linked to confiscated real estate assets.

The Court of Biella had ordered the judicial auction of one such property on 6 May, with a starting price of €287,157 ($332,227), reflecting a 25% discount to the surveyor’s valuation in line with legal requirements.

A third property identified by the company remained subject to a confiscation request, which was currently being contested by defendants and was awaiting a court ruling.

The company added it would update shareholders on the outcome of asset sales, including the disposal of previously confiscated artworks, once court processes progress.

The main defendant remained fully liable for the outstanding awarded amount, net of sums already recovered, while additional defendants remained liable for approximately €500,000 ($578,476), against whom further recovery actions had reportedly been initiated.

CL2017 remains resolute in its determination to recover the damages awarded and will continue its efforts without hesitation, said chief executive Francesco Gardin.

Gardin added: Such efforts will persist until the judgment is fully and finally satisfied.