KKCG Maritime, the Czech investor in Italy's Ferretti, said on Wednesday it had filed a legal challenge seeking the urgent suspension of key resolutions adopted at the yacht builder's latest shareholder meeting, including the appointment of the board.
In the filing with a court in the Italian city of Bologna, KKCG Maritime also demanded a fresh vote count, arguing that voting rights held by China’s Weichai Group should have been suspended under Italy’s "golden powers" rules governing strategic assets.
KKCG owns a stake of around 23 per cent in Ferretti, while the Chinese group holds 39.5 per cent.
Ferretti's May 14 shareholder meeting voted in favour of Weichai's slate of board members, ending CEO Alberto Galassi's 12-year tenure with the appointment of former Procter Gamble executive Stassi Anastassov.
The meeting was called to decide whether control of the company's board would remain with its largest shareholder Weichai or shift to a slate of appointees backed by the Czech investor.
KKCG's filing also raised its concerns over the transparency of Ferretti’s shareholder structure, alleging possible concerted action among certain investors and the existence of undisclosed agreements that may have influenced the outcome of the vote.
Weichai did not immediately respond to a request for comment.
The so-called golden power rules give the Italian government the right to veto or set conditions on corporate deals involving companies deemed strategic to national security.
Ferretti also has a small security division producing patrol vessels and, according to KKCG, this brings the company within the scope of such rules.
(Reporting by Cristina Carlevaro, editing by Keith Weir)