Quantum Blockchain subsidiary awarded damages, costs by Italian court

15th Apr 2026 13:40

(Sharecast News) - Quantum Blockchain Technologies said on Wednesday that its subsidiary has secured a favourable ruling from an Italian appeals court, awarding damages and associated costs in a long-running dispute over an unpaid receivable.

The AIM-traded company said the Court of Appeal of Turin fully upheld the appeal brought by its wholly owned subsidiary, Clear Leisure 2017, overturning a prior decision and ordering the defendant to pay €38,500 in damages.

It said the ruling also included statutory interest accruing from 7 December 2020 until full payment, as well as legal costs of approximately €15,000.

The court rejected the defendant's attempt to offset the debt through counterclaims.

It said the case related to a 2019 transaction involving the sale of a 30% stake in Beni Immobili, under which the buyer agreed to pay €45,000 in instalments.

Only €6,500 was ultimately received, leaving an outstanding balance of €38,500.

The receivable was subsequently acquired by Clear Leisure 2017 in November 2020 from Sipiem in liquidation at a discounted price.

Quantum Blockchain said it estimated that accrued interest of around €20,000, combined with the damages award, legal costs and other expenses, could bring the total recovery to about €78,000.

The firm added that enforcement proceedings would now be initiated to recover the sums awarded.

"This ruling validates our approach in pursuing legacy assets and confirms the strength of our legal position," said chief executive and executive chairman Francesco Gardin.

"We will now take the appropriate steps to enforce the judgment and maximise recovery."

At 1305 BST, shares in Quantum Blockchain Technologies were down 1.56% at 0.47p.

Reporting by Josh White for Sharecast.com.

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