Ferretti CEO Refutes Golden Power Breach Amid Shareholder Dispute in Italy
Shareholder Dispute and Golden Power Allegations
By Elvira Pollina
Background of the Shareholder Vote
MILAN, June 17 (Reuters) - The new head of Italian yacht-maker Ferretti on Wednesday rejected arguments from the company’s second-largest investor over an alleged breach of golden power rules designed to shield strategic assets following a shareholder vote last month that appointed a new board.
Czech investor KKCG Maritime urged the Italian government to act in the wake of a feud that saw Ferretti shareholders side with China's Weichai Group <000338.SZ> to end Alberto Galassi's 12-year tenure as CEO, replacing him with Stassi Anastassov.
CEO Anastassov’s Response
"The problem is not a fact-based problem. Nothing has really changed. I am as independent as the previous CEO was," said Anastassov, a former Procter & Gamble executive, during a press briefing in Milan.
Stakeholder Positions and Board Composition
KKCG Maritime raised its stake in Ferretti to about 23%, aiming to confirm Galassi and reshape a board dominated by representatives of Weichai. The Chinese group has a 39.5% stake.
Golden Power Investigation
Italy is investigating whether China-led investors breached golden power rules in place to protect strategic assets by not revealing their full shareholding to Italian authorities, three government officials have told Reuters.
Company’s Awareness of the Probe
Anastassov said the company was not informed of any probe.
"I am totally happy if there is an investigation because there is nothing and we would support any fact finding," he said.
Defence Business and Compliance
Anastassov also pointed out that the company has decided to shut down its small defence business in 2024 on the basis of a unanimous decision of the previous board.
KKCG has said this division brought Ferretti within the scope of Italy's golden power rules.
"We are not actively selling anything sensitive today," said the executive, adding that the company only has some maintenance contracts for patrol vessels it had delivered in the past remaining in place.
"There is no order intake," he said.
(Reporting by Elvira PollinaEditing by Keith Weir)