Piero Ferrari resigns from Ferretti's board of directors ahead of today's meeting.
He expressed "frustration and disappointment" over the corporate events that have occurred in recent weeks
In anticipation of the Ferretti Group shareholders' meeting to elect the new board of directors, yesterday, May 13, was marked by considerable tension due to the sudden resignation of Vice President Piero Ferrari and the report sent to the Italian government by the Czech shareholder KKCG regarding possible violations of the 'Golden Power' legislation.
Piero Ferrari has tendered his immediate resignation from his positions as vice president and member of the board of directors through a formal letter drafted in English and addressed to the board and the board of auditors. According to the reconstruction by Ithe Sun 24 HoursDespite the entrepreneur's term expiring with today's meeting, Ferrari opted for early termination, expressing "frustration and disappointment" over the corporate events of recent weeks. Ferrari stated that he could no longer associate his name with the company, given the manner in which the recent share acquisitions were carried out, describing them as transactions conducted "beyond all applicable regulatory thresholds."
The resignations are part of the confrontation between the two main shareholder groups: one led by the relative majority shareholder Weichai (39,5%), which has recently strengthened itself with stakes in Bank of China (close to 2%) and AdTech Advanced Technologies (rising to 2,8%), and the other represented by Karel Komárek's Kkcg, with 28,2% of the capital (including the 5% held by Kuwaiti Bader Al-Kharafi). As reported by ticker, the central issue concerns the partial takeover bid launched by Kkcg with the aim of confirming the outgoing board led by CEO Alberto Galassi, which saw — in reaction from Weichai — a roundup of shares on the market to consolidate its position.
KKCG Maritime also issued a statement, formally notifying the Prime Minister's Office of its concerns that the notification requirements under the Golden Power legislation had not been met. Teleborsa also noted that the coordination between Chinese nationals and those connected to Weichai could constitute a significant omission of information, given that the company operates in sectors of strategic importance for national security and defense. KKCG reiterated its position as a responsible shareholder, pointing the finger at the lack of transparency in the Chinese shareholder's entrenchment maneuvers.
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