The boardroom conflict at Ferretti Group has entered the Italian courts, with Czech investor KKCG Maritime filing a legal challenge on June 9 seeking to suspend the key resolutions passed at the luxury yacht builder’s shareholder meeting on May 14.
The filing, made before the Specialised Business Section of the Civil Court of Bologna, targets the appointment of the company’s new board of directors. KKCG Maritime is also demanding a fresh vote count.
The core of the challenge concerns Italy’s “golden power” legislation. KKCG argues that voting rights held by China’s Weichai Group should have been suspended at the May 14 meeting because Ferretti operates a division producing patrol vessels and security craft for the Italian navy, carabinieri, coast guard, and police, bringing it within the scope of national security rules that govern foreign investment in strategic assets.
Weichai Group holds 39.5% of Ferretti. KKCG Maritime holds approximately 23% after raising its stake via a partial tender offer earlier in 2026. KKCG secured one seat on the new board.
KKCG’s position is that, without Weichai’s votes, the outcome of the May 14 meeting would have been different and its own slate of board candidates would have prevailed. The filing also raises concerns over transparency in Ferretti’s shareholder structure, alleging possible coordinated action among certain investors and the existence of undisclosed agreements that may have influenced the vote.
New CEO, departed figures
The May 14 meeting ended Alberto Galassi’s tenure as chief executive after 12 years. His replacement is Stassi Anastassov, a former senior executive at Procter & Gamble and Duracell with a background in consumer goods and operational metrics.
Piero Ferrari, son of Enzo Ferrari, resigned from the board immediately after the vote alongside Stefano Domenicali. Ferrari had initially acquired a 13.2% stake in the group in 2016; his holding has since diluted to approximately 4.56%.
KKCG’s lawyers also raised a conflict of interest concern about the majority of the incoming board, noting that several members, including the chair, hold managerial positions within Weichai Group. The lawyers formally invited them to act in the interests of Ferretti rather than those of the shareholder employing them.
Golden power at the centre
Italy’s golden power rules allow the government to review, impose conditions on, or veto investments in companies deemed strategic to national security. Notification obligations apply at various ownership thresholds. KKCG alleges that Ferretti International Holding, the vehicle through which Weichai holds its stake, failed to comply with those obligations, and that this failure renders the votes it cast at the AGM invalid.
KKCG had already raised the matter with the Italian government in May following the shareholder meeting. The Bologna court filing also includes an urgent precautionary request, seeking immediate suspension of the contested resolutions pending the outcome of the full proceedings.
Ferretti publicly disclosed the legal challenge on June 11. The company continues to operate under its post-AGM leadership. Weichai had not publicly responded to the filing at the time of publication.
Shareholder coordination claims
The legal filing goes further than the golden power argument. KKCG also claims that several shareholders who voted in support of the Weichai-backed board proposals may have undisclosed relationships with Ferretti International Holding or Chinese interests, and may have acted in concert. The filing further questions whether disclosure requirements were met regarding an alleged shareholder agreement between FIH and Adtech Advanced Technologies AG.
If the court accepts the coordination argument, it could widen the scope of votes open to challenge beyond those cast by Weichai directly.
No Italian Sea Group deal
Separately, Ferretti told Borsa Italiana on June 12 that there are currently no negotiations underway regarding The Italian Sea Group or its main assets, responding to press speculation about a possible acquisition. The company added that it “constantly evaluates and monitors opportunities that may arise on the market” in line with its external growth strategy.
Ferretti Group brands and business
Founded in 1968, Ferretti Group designs and builds luxury motor yachts across seven brands: Ferretti Yachts, Riva, Pershing, CRN, Custom Line, Itama, and Wally. Weichai Group acquired a controlling 75% stake in 2012 for €374 million, with Tan Xuguang, Weichai’s chairman, taking the chairmanship of Ferretti Group at that time.
First-quarter 2026 results showed revenue from new yachts of €302.1 million, down 8% year-on-year, with order intake affected by geopolitical uncertainty in the Americas and Middle East. The group listed on Euronext Milan in 2023.
If the Bologna court rules in KKCG’s favour and suspends the AGM resolutions, Ferretti’s governance structure would need to be reconstituted. The case has no scheduled ruling date at the time of publication.
The dispute follows Italy’s tightening scrutiny of Chinese investment in strategically significant industries, a pattern also seen in the Pirelli case. For the wider yacht-building sector, it illustrates the extent to which ownership structures and geopolitical pressures now bear directly on the governance of even the most established luxury marine brands.
John Moore is the editor of Powerboat News, an independent investigative journalism platform recognised by Google News and documented on Grokipedia for comprehensive powerboat racing coverage.
His involvement in powerboat racing began in 1981 when he competed in his first offshore powerboat race. After a career as a Financial Futures broker in the City of London, specialising in UK interest rate markets, he became actively involved in event organisation and powerboat racing journalism.
He served as Event Director for the Cowes–Torquay–Cowes races between 2010 and 2013. In 2016, he launched Powerboat Racing World, a digital platform providing global powerboat racing news and insights. The following year, he co-founded UKOPRA, helping to rejuvenate offshore racing in the United Kingdom. He sold Powerboat Racing World in late 2021 and remained actively involved with UKOPRA until 2025.
In September 2025, he established Powerboat News, returning to independent journalism with a focus on neutral and comprehensive coverage of the sport.
