Stassi Anastassov (above), the new Ferretti Group CEO, is rejecting allegations from one of the company’s major shareholders. The shareholder has filed a lawsuit claiming the company’s recent board vote violated Italian regulations designed to protect strategic assets.
KKCG Maritime, Ferretti Group’s second-largest shareholder, filed its legal challenge in Bologna, Italy on June 10. It’s seeking the urgent suspension of key resolutions adopted at the Group’s most recent shareholder meeting on May 14. The resolutions include the appointment of the new board, a slate from Weichai Group, the largest shareholder. (Weichai owns 39.5 percent of Ferretti Group, while KKCG Maritime holds about 23 percent.) It resulted in Stassi Anastassov taking over as CEO from Alberto Galassi, serving for 12 years. KKCG had sought to keep Galassi in his position and reshape the board.
At a press briefing in Milan yesterday, Anastassov said KKCG’s allegations are false. “The problem is not a fact-based problem,” he tells Reuters. “Nothing has really changed. I am as independent as the previous CEO was.”
KKCG contends a new vote count is needed. In fact, it says that Weichai Group’s voting rights should have been suspended under Italy’s “golden power” rules. These regulations allow the Italian government to review, veto, or place conditions on corporate transactions if the company is strategic to national security. According to KKCG, the Ferretti Group’s small security division, which builds patrol vessels, means the golden power rules apply.
Notably, Reuters also says undisclosed Italian authorities are investigating whether Weichai Group violated the rules by failing to disclose its full shareholding to the government. During the press briefing, Anastassov indicated that the Ferretti Group had no knowledge of any such situation. “I am totally happy if there is an investigation because there is nothing,” he says. “We would support any fact finding.” Furthermore, he says the Ferretti Group chose to shut down the defense division in 2024, based on the then-board’s unanimous decision. “We are not actively selling anything sensitive today,” the Ferretti Group CEO asserts. “There is no order intake.”
In related news, the Ferretti Group is denying reports that it’s in discussions to acquire all or part of The Italian Sea Group. The Italian Sea Group sought temporary creditor protection in April following discoveries of financial irregularities. Although the Ferretti Group says no talks are underway, it does say it continues evaluating market opportunities.
The Ferretti Group is the parent company of seven yacht brands, six of which have a footprint in the superyacht sector. Namely, they are CRN, Custom Line, Ferretti Yachts, Pershing, Riva, and Wally.
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