In the end, without too many surprises, it seems that the affair rocking The Italian Sea Group, a luxury yacht company that owns the brands Admiral, Tecnomar, Perini Navi, Picchiotti, NCA Refit, and Celi 1920, will be discussed in a courtroom. According to what was just reported by the financial agencies, Giovanni Costantino (in the photo), CEO of the company and GC Holding, filed a complaint today against some former top executives of the company.
THE CEO OF THE ITALIAN SEA GROUP’S COMPLAINT
An inevitable outcome considering that, as widely reconstructed so far, the board of statutory auditors and the auditing firm BDO sent the Board of Directors on February 25 “specific reports” noting the “probable existence” of the conditions for activating crisis regulation procedures and “granting the administrative body a term of ten days to report to them regarding the initiatives undertaken and to be undertaken,” highlighting the presence of alleged “irregularities” involving some members of the management team which apparently occurred without informing the CEO, Board of Directors, and naturally the supervisory bodies.
A situation that, in addition to involving the signing of a shareholder loan agreement with GC Holding for 25 million euros, attributable to CEO Costantino, has shaken the company’s leadership: between February 26 and 27, the board of directors recorded three significant resignations: first the chairman Filippo Menchelli and his deputy Marco Carniani. Then it was the turn of Laura Angela Tadini. Taking Menchelli’s place is the CEO and majority shareholder with 53.6% of Tisg, Giovanni Costantino.
WHAT IS WRITTEN IN THE DOCUMENT
According to Teleborsa, the individuals involved “allegedly provided the company’s top management with accounting and management information that did not correspond to reality, fraudulently bypassing the internal order control system. The complaint describes a sophisticated system of document alteration that allegedly affected reports on cash flows, order budgets, and even bank statements. This conduct would have represented a fictitious financial situation, completely unknown and undetectable by the CEO until the irregularity was discovered.”
THE YACHTS SAIL OUTSIDE THE STAR SEGMENT
On March 6, The Italian Sea Group announced that the Board of Directors resolved to co-opt Pietro Smeriglio, who does not hold TISG shares and will serve as a non-independent, non-executive director and will not sit on any internal committees.
But above all, the Board resolved The Italian Sea Group’s exit from the Star segment, while remaining listed on the Euronext Growth Milan segment, in order to “simplify and optimize the company’s activities and available resources,” as explained in a note reported by Teleborsa, and to have “greater operational flexibility.”
