Court Damages Award
Quantum Blockchain Technologies plc announced that its subsidiary, Clear Leisure 2017 Limited, has won a Court of Appeal case in Turin, Italy, overturning a previous decision and securing a €38,500 damages award plus statutory interest from December 7, 2020, and approximately €15,000 in legal costs. The company estimates the total recovery, including accrued interest of around €20,000, to be approximately €78,000, which will be pursued through enforcement actions.
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Quantum Blockchain Technologies plc (AIM: QBT), the investment company focused on blockchain technologies, announces that its wholly owned subsidiary, Clear Leisure 2017 Limited ("CL2017"), has received a favourable judgment from the Court of Appeal of Turin, Italy.
The Court has fully upheld CL2017
’
s appeal, overturning
the trial court’s decision and ordering the defendant to pay:
•
€38,500 damage award, plus
•
statutory interest accruing from 7 December 2020 and which will continue to accrue until the damage award is paid in full, and
•
legal costs totaling approximately €15,000.
The Court also rejected the defendant
’
s
attempt to set off the debt on the basis of alleged counterclaims.
Background to the case
The claim originates from a transaction in 2019 involving the sale of a 30% equity interest in Beni Immobili S.r.l., by CL2017’s predecessor, under which the defendant agreed to pay €45,000 in instalments.
Following completion of the transaction however, only payments totaling €6,500 were received, leaving an outstanding balance of €38,500.
In November 2020, CL2017 acquired this receivable from Sipiem S.p.A. in liquidation at a discounted price.
Estimated Financial Impact
Based on applicable statutory commercial interest rates since December 2020, the Company estimates that accrued interest to date of approximately €20,000, together with the legal costs and damage award, plus other general expenses may be recovered by CL2017 from the defendant.
This brings the total expected recovery to approximately
€78,000.
[CR1]
Next Steps
CL2017 will now proceed with enforcement actions to recover the awarded sums.
Francesco Gardin, CEO and Executive Chairman of QBT, commented:
"This ruling validates our approach in pursuing legacy assets and confirms the strength of our legal position. We will now take the appropriate steps to enforce the judgment and maximise recovery."
[CR1]
How is calculated? 38,500 damage award plus interest of 20,000 plus legal costs of 15,000 is 73,500 euros?
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.