Ferretti Group involved in alleged industrial espionage case
From Pressmare.it:
Ferretti S.p.A., one of the world’s most prestigious yacht builders, is at the center of a complex legal case that intertwines luxury, geopolitics, and cyber-surveillance. As reported by Bloomberg and confirmed by sources close to the investigation—as well as by an official statement from the company—the Milan Public Prosecutor’s Office is investigating the discovery of listening devices installed in the company’s Milan offices.
The affair began in 2024, when Xu Xinyu, Executive Director on the Board of Ferretti S.p.A. and representative of the group’s main shareholder—Chinese conglomerate Weichai Group—noticed suspicious activity near the company’s Milan headquarters, located in an elegant 18th-century building. Unknown individuals had been repeatedly spotted near the building and hotels frequented by Xu. Concerned for his safety, Xu hired a private counter-surveillance firm, which on the night of April 3 discovered hidden microphones and signal amplifiers inside his desk and other rooms, including the offices of the board secretary and the Chinese-Italian translator.
From Bloomberg News:
During its first sweep on the night of April 3, the security company found a listening device and signal amplifier hidden on Xu’s desk. In the offices of the board secretary and the company’s Chinese-Italian translator, they uncovered other devices concealed in power outlets. Ferretti confirmed in a statement in response to Bloomberg News inquiries that surveillance devices had been found on its premises.
The case also raises concerns regarding market transparency. According to legal experts consulted by Bloomberg, listed companies in Italy are required to publicly disclose any criminal investigations or security breaches. Ferretti, listed in both Hong Kong and Milan, has yet to make this information public to its investors.
Read more at [Pressmare.it]
Also at [Bloomberg] (paywall)