KKCG Maritime, owned by Czech businessman Karel Komárek, is continuing its efforts to challenge the shareholders’ meeting of Italian luxury yacht manufacturer Ferretti held this past May. To that end, it has filed a lawsuit in a Bologna court. The company announced its move today in a press release. KKCG Maritime’s slate of candidates failed to secure enough shareholder votes at the meeting and won only one seat on the board of directors, which is controlled by the Chinese firm Weichai Group.
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Komárek’s KKCG Challenges Chinese Control of Ferretti Under Italian Strategic Laws
KKCG Maritime had already turned to the Italian government in May following its defeat at the shareholders’ meeting. Komárek’s company claims that Weichai Group has not fulfilled all the obligations required by Italian law in the case of investments from non-EU countries into Italian strategic enterprises.
According to Komárek’s company, Ferreti. Whose primary business consists of manufacturing luxury yachts for billionaires—falls under special Italian legislation because it has a small defense division. According to KKCG Maritime, Weichai Group may have secret agreements with other Chinese shareholders.
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KKCG Takes Ferretti Dispute to Bologna Court to Block New Board and CEO
The company has also brought a similar case before a court in Bologna. Asking it to suspend the implementation of the main resolutions of the May 14 shareholders’ meeting. At that time, the general meeting, among other things, elected a new board of directors for the company, which led to a change in CEO.
KKCG Maritime increased its stake in Ferretti to 23 percent this year. Though this was less than the firm had hoped to achieve through its share buyback offer. China’s Weichai Group holds a 39.5 percent stake in Ferretti.
