Ferretti, KKCG takes Weichai to court: Chinese votes must be annulled
The battle for control of the Ferretti Group is now moving into the courtroom. KKCG Maritime has challenged before the Court of Bologna the resolutions approved during the May 14 shareholders’ meeting, requesting their immediate suspension. The argument is both simple and disruptive: the votes through which Weichai - the Chinese giant controlled by Beijing - secured the election of its board of directors should not have been counted because they are suspended under Italy’s Golden Power regulations. If the court rules in favor of KKCG, Ferretti’s governance structure could be rewritten from scratch.
The appeal has been filed before the Specialized Business Section of the Civil Court of Bologna. At the same time, KKCG Maritime has submitted an urgent precautionary request seeking the immediate suspension of the contested resolutions until the conclusion of the proceedings.
The legal argument is as straightforward as it is potentially explosive in its consequences. According to KKCG Maritime, the voting rights of Ferretti International Holding (FIH) — the vehicle through which Weichai holds 39.5% of the group — should be suspended under Italian Golden Power regulations due to the alleged failure to comply with notification obligations required for investments in companies holding strategic assets relevant to national security and defense.
Without those votes, KKCG argues, the May 14 shareholders’ meeting would have produced the opposite outcome: its own proposals would have prevailed instead of those supported by Weichai. For this reason, the company is asking the Court for a new vote count on the disputed items and the implementation of the resulting decisions — starting with the appointment of the Board of Directors, the determination of directors’ compensation and the appointment of the Board of Statutory Auditors.
Supporting KKCG’s position is Ferretti’s strategic profile, repeatedly recognized by the Italian Prime Minister’s Office. According to the claimant, the group’s industrial capabilities, advanced maritime technologies and accumulated know-how have potential dual-use applications that are not confined to a single defense-related division but extend throughout the entire corporate structure.
From a governance perspective, KKCG Maritime warns that leaving Ferretti under the control of corporate bodies appointed through resolutions now challenged in court would generate significant legal uncertainty. According to the company, the risk is not merely formal: where sensitive maritime technologies are involved, any uncontrolled access to or transfer of information could produce consequences that would be difficult to reverse.
The appeal also raises additional concerns regarding shareholder transparency. KKCG contests alleged recent share purchases and the exercise of voting rights by entities it considers linked either to the People’s Republic of China or to FIH, which together would hold up to approximately 10% of Ferretti’s capital. According to the company, these entities may have entered into undisclosed agreements with FIH or acted in coordination with it without informing the market. The legal action also challenges the alleged failure to disclose a possible shareholders’ agreement between FIH and Adtech Advanced Technologies AG.
The shareholders’ meeting figures reflect a very close contest. The Board of Directors list presented by FIH was supported by only 15 shareholders — considered connected to one another — representing 49.74% of the company’s capital. KKCG Maritime’s list, by contrast, obtained support from 164 shareholders representing 45.11% of the capital, in addition to favorable recommendations from leading international proxy advisors ISS and Glass Lewis. In other words, a broader and more fragmented base of support ultimately defeated by just a few percentage points.
KKCG Maritime states that it is acting in the interest of Ferretti’s governance and all its stakeholders, while reaffirming its confidence in the Italian judicial and regulatory system. The company reserves the right to pursue any further legal and regulatory initiatives connected with the May 14 shareholders’ meeting and announced that it will provide updates as the proceedings continue. The battle, in short, has only just begun.
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