Billionaire Karel Komárek is taking yacht builder Ferretti to court, disputing the results of the Italian company's controversial annual general meeting.

Czech billionaire Karel Komárek, through his 23 per cent holding vehicle, KKCG Maritime, has made a groundbreaking move in the yachting industry by taking Italian shipbuilder Ferretti to court. This legal action, focused on the annulment of recent decisions made at Ferretti’s May 14 AGM, signifies Komárek’s bid to shake up the corporate leadership of the renowned yacht manufacturer.

Filed at the Civil Court of Bologna, KKCG’s suit demands a halt to the implementation of the AGM resolutions, which include the appointment of a Weichai-backed board helmed by Tan Ning, as well as the promotion of Stassi Anastassov to CEO. KKCG contends that had Ferretti International Holding (FIH), through which Weichai holds a 39.5 per cent stake in Ferretti, not been allowed to vote under Italy’s Golden Power regime due to notification omissions, KKCG’s slate could have triumphed.

At the heart of the lawsuit lies an accusation of undisclosed shareholder agreements between FIH and Swiss-based AdTech Advanced Technologies. The claim maintains that many Chinese-linked entities have gained positions in Ferretti by making purchases that fall below the 3 per cent Consob disclosure threshold. Therefore, had this acting-in-concert allegation been upheld, it could have consequences in Hong Kong, where Ferretti is primarily listed. Specifically, parties found to have formed an alliance and exceeded the 30 per cent threshold are obligated to make a compulsory offer for the remainder of the company under Hong Kong’s takeover laws.

In response to the lawsuit, Ferretti released a statement asserting to “safeguard its rights” by seeking appropriate legal advice and maintaining that its corporate bodies remain fully operational. However, the company refrained from elaborating on the Golden Power or concerted-action claims directly.

Through this legal action, KKCG aims to highlight the governance and legal uncertainties created by Ferretti’s continuation under a disputed board. Given the sensitive nature of maritime technologies and strategic alliances, KKCG asserts that unmanaged access to such information could lead to potential risk and volatility in business operations as well as in the market.