Update on Sipiem Funds Recovery
Summary by AI BETAClose X
19 March 2026
Quantum Blockchain Technologies Plc
(“QBT” or “the Company”)
Sipiem Recovery Actions Update
Quantum Blockchain Technologies plc (AIM: QBT), the AIM-listed investment company, provides an update on the recovery actions relating to the Sipiem litigation. Pursuant to a judgment issued by the Venice, Italy Court of Appeal on 10 June 2024, the Company via its wholly owned subsidiary Clear Leisure 2017 (“CL2017”) was awarded damages in excess of €6 million plus interest and additional compensation for inflationary loss over time (the “Awarded Amount”).
Since then, the Company has been seeking to recover the Awarded Amount, which to date has resulted in:
- €700,000 received in June 2024 from members of the Sipiem statutory audit committee as co-liable parties;
- €34,500 recovered during 2025 from a series of small collections from the main Sipiem defendants’ bank accounts;
- €9,000 recently collected from defendants as a refund of legal expenses.
The main defendant remains fully liable for the Awarded Amount, reduced by the amounts already collected as set forth above.
Further recovery actions are taking place regarding the two real estate assets already confiscated pursuant to a confiscation request filed by CL2017 (as announced on 17 December 2025). A third property asset which has been identified by CL2017 and for which a confiscation request has been filed, is being opposed by the defendants. This matter is currently awaiting a court ruling.
The Company now wishes to inform shareholders that the Court of Biella, Italy has ordered the judicial auction of one of the two real estate assets on 6 May 2026. The property will be offered at auction with a starting price of €287,157 (which price reflects a 25% reduction from the surveyor assessment, as required by the Italian Civil Code).
The Company will duly notify shareholders of the results of the auction sale and of the auction date for the other real estate asset as well as the outcome of the eventual disposition of the main defendant’s previously confiscated artworks, once these sales are ordered by the Court of Biella.
Furthermore, the Company announces that it has reached a settlement agreement with the insurance company, which had provided certain of the defendants with professional indemnity insurance, for an amount of €37,000 as reimbursement of legal expenses.
As announced on 17 December 2025, these other defendants remain liable for approximately €500,000, against whom the Company has initiated other recovery actions.
Francesco Gardin, CEO and Executive Chairman of QBT, commented: “CL2017 remains resolute in its determination to recover the damages awarded and will continue its efforts without hesitation. Such efforts will persist until the judgment is fully and finally satisfied. All recovery actions available under Italian Civil Law have been and will continue to be pursued by CL2017 for as long as required.”
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
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For further information please contact:
Quantum Blockchain Technologies Plc +39 335 296573
Francesco Gardin, CEO and Executive Chairman
SP Angel Corporate Finance (Nominated Adviser & Broker) +44 (0) 20 3470 0470
Jeff Keating/ Caroline Rowe / Devik Mehta
Leander (Financial PR) +44 (0) 7795 168 157
Christian Taylor-Wilkinson
About Quantum Blockchain Technologies Plc
QBT (AIM: QBT) is a London Stock Exchange AIM listed Research & Development and investing company focused on an intensive R&D programme to disrupt the Blockchain Technologies sector which includes, cryptocurrency mining and other advanced blockchain applications. The primary goal of the R&D programme is to develop Bitcoin mining tools and techniques, via its technology-driven approach, which the Company believes will significantly outperform existing market practices.
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