Update on Sipiem Court Case
Quantum Blockchain Technologies plc has announced that the Court of Biella has published a Notice of Sale for a property asset valued at approximately €272,600, with a minimum starting bid of €204,450, for an auction scheduled on 20 October 2026, as part of recovery actions by its subsidiary CL2017. This third asset's auction proceeds, net of costs, will contribute to recovering the amount awarded to CL2017. The first two confiscated assets remain subject to a court-supervised liquidation procedure, with new auction dates pending.
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Quantum Blockchain Technologies plc (AIM: QBT), the AIM-listed investment company, is pleased to provide a further update on the recovery actions being pursued by its wholly owned subsidiary, Clear Leisure 2017 Limited ("CL2017"), in relation to the judgment obtained against a defendant in the Sipiem in Liquidazione S.r.l. ("Sipiem") matter.
Further to the Company's announcement of 3 July 2026, in which it reported that the Court of Biella, Italy had dismissed the Sipiem defendant's appeal and confirmed the validity of the enforcement proceedings (
pignoramento immobiliare
) over a real estate asset of the defendant (the third property asset, as originally referred to on the 19 March 2026 announcement), the Company now announces that the Court of Biella has published the formal Notice of Sale (
Avviso di Vendita - Primo Esperimento
) for this property.
The auction is scheduled for
. The property has been independently valued by the court-appointed surveyor at approximately
€272,600
, with a minimum starting bid price of
€204,450
, in line with the valuation previously disclosed by the Company.
Proceeds from any successful sale, net of procedural costs, would represent a recovery of the amount awarded to CL2017 pursuant to the final judgment of the Venice Court of Appeal (as announced on 18 June 2024).
The current status of the three confiscated assets is as follows:
The first asset was due to be offered at auction with an initial asking price of €287,157 on 6 May 2026. However, the auction was suspended after the defendant filed for court-supervised liquidation (
procedura di liquidazione controllata
), as announced on 10 April 2026. As a result, the Italian Court has issued an order staying the sale of the asset pending a new auction date, which will be conducted under a different procedure.
The second asset, held by the same defendant as the first one, is also included in the
procedura di liquidazione controllata /
court-supervised liquidation. Accordingly, the Company continues to await the liquidator's scheduling of the auction sale.
The third asset, which is held by a different defendant, has been described above.
The Company will provide an update following the outcome of the auction process and will also provide updates on the first and second assets once auction dates for those assets are known.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.