Tensions have reportedly flared again at Ferretti Group after its largest shareholder, China’s Weichai Group, allegedly accused chief executive Alberto Galassi of centralising control and marginalising its representatives within the company.
Bloomberg has seen 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.
“As investors, we shareholders are deeply concerned about asset security and operational quality,” Weichai reportedly said in the document.
The story, also picked up in Italian outlet Il Corriere della Sera, claims that the complaint accuses Galassi of excluding Weichai-affiliated managers from key decision-making at Ferretti’s Forlì headquarters while assigning them minor roles in Milan.
A representative for Ferretti declined to comment to Bloomberg, while officials for Weichai didn’t respond to requests for comment. MIN has also reached out to the firms and is pending a response. It is currently not clear what steps Weichai will take next.
The dispute revives friction that followed a 2024 incident in which hidden listening devices were found in Ferretti’s Milan offices, leading to two criminal investigations by Milan prosecutors. The discovery prompted two investigations by the Milan Prosecutor’s Office. Bloomberg previously reported that the bugs were discovered in offices used by Chinese executives during that period of tension.
In March 2025, Galassi said Ferretti was still considering a buyback and potential acquisition, adding that he had not held discussions with Weichai about any withdrawal of the shareholder.
The renewed disagreement comes against the backdrop of Italy’s increasingly cautious stance on Chinese ownership in its businesses.
Some observers have compared the case to an incident involving tiremaker Pirelli, where China’s state-owned Sinochem Group was ordered in 2023 to reduce its governance role under Italy’s “golden power” rules – legislation designed to protect key national industries.
Ferretti, which owns yacht brands including Riva, Pershing, Wally, Itama, Custom Line and CRN, is one of the leading companies in luxury boatbuilding. The group reported revenue of about €1.2bn last year. It listed in Hong Kong in 2022 and added a Milan listing in 2023. Galassi has led the firm since 2014.
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