Quantum Blockchain Technologies (AIM:QBT), the AIM-listed investment company, has received a favourable court ruling in its ongoing Sipiem funds recovery case, removing a procedural challenge that had blocked enforcement over an Italian property asset.
The Court of Biella dismissed a challenge to the real estate enforcement proceedings commenced by QBT's wholly owned subsidiary, Clear Leisure 2017, confirming their validity and allowing the judicial sale process to proceed.
The property has been independently valued by a court-appointed surveyor at approximately €272,600, with a court-ordered auction set for 21 October at a minimum offer price of €204,450.
The court also ordered the defendants to reimburse CL2017 legal costs of €5,800, plus applicable statutory additions, with enforcement proceedings to follow if payment is not made voluntarily.
The defendants have until 29 July to appeal the ruling.
CL2017 continues to pursue all available enforcement actions under a final judgment of the Venice Court of Appeal, which awarded damages in excess of €6 million plus interest and legal costs.
Two further property assets remain within a court-supervised liquidation process, with a liquidator yet to announce a timetable for their sale.
"This removes a significant procedural obstacle and represents another important step in our strategy to recover the sums awarded to CL2017," said Francesco Gardin, CEO and Executive Chairman.
