KKCG Maritime, the Czech investor group with interest in Ferretti, has filed a “legal challenge seeking the urgent suspension of key resolutions adopted at the yacht builder’s latest shareholder meeting, including the appointment of the board,” Reuters reported.
In a filing with an Italian court, KKCG Maritime demanded a fresh vote count, arguing that voting rights held by China’s Weichai Group should have been suspended under Italy’s golden power rules, which are meant to protect the country’s strategic assets. Ferretti operates a segment that produces vessels used for security purposes, and KKCG is arguing that such production brings the company into the scope of the golden power rules.
KKCG owns an approximately 23% stake in Ferretti, while the Chinese group holds 39.5%, Reuters reported.
The May 14 shareholder meeting produced a vote in favor of Weichai’s slate of board members and replaced CEO Alberto Galassi with former Procter & Gamble executive Stassi Anastassov. Two directors resigned in protest.
KKCG’s legal filing, Reuters reported, also raised concerns over the transparency of Ferretti’s shareholder structure, “alleging possible concerted action among certain investors and the existence of undisclosed agreements that may have influenced the outcome of the vote.”
Trade Only Today has previously reported on the Ferretti situation.
