Ferretti: the Golden Power issue rears its head between the Czechs and the Chinese
According to shareholder Kkcg, the shareholders’ meeting won by the Chinese firm Weichai was secured through a concerted action. The Milan Public Prosecutor’s Office is monitoring developments
There is a silent (but very attentive) observer who is watching the ongoing legal battle over the Ferretti Group, which is listed on the stock exchange (in Hong Kong and Milan). He is paying particular attention to developments both at Consob and at the Court of Bologna, where, in recent weeks, the merits of a complaint and an appeal lodged by one of Ferretti’s two main shareholders (the Czech holding company Kkcg Maritime, owned by the entrepreneur Karel Komàrek) are being examined.
The appeal
In the appeal lodged with the Civil Court of Bologna, it is alleged, amongst other things, that there is a secret agreement between the rival Chinese group (Weichai) and a number (15) of investors linked to the same group of interests. This agreement is alleged to have been concluded surreptitiously with the aim of securing a majority of votes at the general meeting held on 14 May, which the complainants are seeking to have declared invalid.
The Silent Observer
Let us return to the silent observer: the Milan Public Prosecutor’s Office, which is reportedly following the developments in the case with particular interest. Should the appeal be upheld (the judge in Bologna has reserved judgement), this could lead to direct intervention by the judicial authorities and the opening of an investigation to ascertain the sequence of events and, where appropriate, to confirm (or rule out) the existence of unlawful influence over the shareholders’ meeting (Article 2636 of the Civil Code).
The patrol and the patrol officers
To be more specific, according to Kkcg’s arguments, a number of parties have, over time, acquired shareholdings below the materiality thresholds (3 per cent) and subsequently exercised their voting rights in a manner consistent with that of Ferretti International Holding, a company wholly owned by the Weichai Group, with shareholdings attributable to the Bank of China, AdTech Advanced Technologies, Wealth Strategy Holding and other investors, all linked to the People’s Republic of China.
The disputed meeting
But let’s recap the facts. During the latest shareholders’ meeting of Ferretti – a company based in Forlì and a giant in the luxury yachting sector (whose brands include Riva, Ferretti Yachts, Itama and Pershing) – the two main shareholders – the Czech and the Chinese – engaged in a rather heated exchange.
