Yacht Feud Reignites After China Investor Alleges CEO Power Grab

The battle between Italian luxury yacht maker Ferretti SpA’s management and its top Chinese investor is once again in the spotlight just over a year after the company was roiled by a spying scandal.

Weichai Group, which owns 37.5% of Ferretti, says Chief Executive Officer Alberto Galassi is sidelining its directors to tighten his grip over the company, according to people familiar with the matter and an internal document seen by Bloomberg News that was sent last month by the Chinese industrial group to its parent entity.