Ferretti and Weichai: Allegations, Espionage Scandal, and the Battle for Control
The leadership conflict at Ferretti SpA, the iconic Italian luxury yacht manufacturer, has resurfaced just over a year after the company was caught in an espionage scandal. The dispute between Ferretti’s management and its largest shareholder — China’s Weichai Group, which owns 37.5% of the company — is once again in the spotlight.
According to an internal document sent to Bloomberg News, Weichai claims that CEO Alberto Galassi has sidelined directors linked to the Chinese investor and concentrated all decision-making power in his own hands.
The document states that Weichai representatives have been “effectively cut off from the company’s core operations” and now perform only “sporadic, superficial tasks” in Ferretti’s Milan office.
“As investors, we shareholders are deeply concerned about the safety of our assets and the company’s performance,” the Weichai document reads.
Ferretti representatives declined to comment, and Weichai officials have not disclosed what actions the Chinese group plans to take in response.
Background: Espionage Scandal and Geopolitical Tensions
This is not the first time Ferretti has faced turmoil. Last year, the Milan prosecutor’s office launched an investigation into a possible espionage incident after hidden listening devices were reportedly discovered in the offices of Chinese executives in Milan.
The investigation is still ongoing, and tensions within the company have grown amid disputes over a share buyback plan and changes in corporate governance.
The Ferretti case comes amid the Italian government’s increasingly cautious stance toward Chinese investments in key national industries. Prime Minister Giorgia Meloni’s administration has tightened controls, similar to the case of Pirelli SpA, where China’s Sinochem Group was ordered in 2023 to limit its role under Italy’s “golden power” law — aimed at protecting strategic assets from foreign control.
Ferretti Today
Ferretti Group, which owns prestigious yacht brands such as Riva, Pershing, and Wally, remains one of the world’s leading luxury yacht manufacturers.
In 2024, the company reported revenues of around €1.2 billion, and it is listed both on the Hong Kong Stock Exchange and the Milan Stock Exchange.
Since its Milan listing, Ferretti’s share price has fallen by roughly 4%, though global demand for its yachts remains strong.
