A Milan prosecutor has requested the dismissal of a criminal case linked to alleged corporate spying at Ferretti Group, citing insufficient evidence.
Unnamed sources ‘familiar with the case’ have spoken to Bloomberg, which reports that the prosecutor found that the available material does not support further criminal investigation.
The request has been submitted to the judge for preliminary investigations. They may approve the dismissal, request further inquiries or direct that charges be filed, according to the sources, who spoke on condition of anonymity.
The case stems from a 2024 incident in which hidden listening devices were discovered at Ferretti’s Milan offices. Bloomberg previously reported that the bugs were discovered in offices used by Chinese executives during that period.
This incident led to two criminal complaints in Milan: one filed in May 2024 by executive director Xu Xinyu, acting in roles including board secretary and translator, against persons unknown, and a second filed by Ferretti in January 2025. The two complaints were later combined into a single investigation.
Under Italian law, a dismissal at this stage does not constitute a final ruling, and proceedings may be reopened if new evidence emerges.
Officials at Milan’s prosecutor’s office did not respond to requests for comment by Bloomberg. Ferretti representatives also declined to comment.
The development comes amid a takeover battle between the firm’s main shareholders, as investment group KKCG Maritime continues its bid to acquire the Italian yacht builder. The Czech group said in January it intended to launch a partial tender offer to increase its stake in Ferretti Group to 29.9 per cent.
Late last week, KKCG Maritime raised its offer to €3.90 per share from €3.50, in an attempt to encourage greater shareholder enthusiasm over the transaction.
The revised proposal would value Ferretti at about €1.32bn and would allow KKCG to purchase up to 52.1 million shares, around 15.4 per cent of the company’s share capital. If fully subscribed, the deal would be worth as much as €203.3m.
Ferretti’s board has formally opposed the bid and advised independent shareholders not to tender their shares, stating that the offer was neither fair nor financially adequate.
KKCG has reportedly been preparing to propose a shareholder vote to oust directors with connections to Weichai Group.
Ongoing tensions at Ferretti Group
The contest for control has highlighted tensions within Ferretti. Weichai Group, the Chinese industrial company that supported the business in 2012 and remains its largest shareholder, has long disagreed with Ferretti’s management on strategy and governance.
Bloomberg saw an internal document sent by Weichai to its parent company, which claims that directors linked to the Chinese shareholder have been “effectively cut off from the company’s main operating environment and only carry out sporadic, superficial tasks in the Milan office.” Bloomberg reports that the same document adds that Galassi has “in effect achieved full control over Ferretti” following a recent management reshuffle.
Ferretti’s portfolio includes brands such as Riva, Wally, Pershing and Custom Line. Minority shareholders include Piero Ferrari, son of Ferrari founder Enzo Ferrari.
The post Corporate spying case at Ferretti faces dismissal appeared first on Marine Industry News.