Italian shipyard for the rich under attack
Listed Italian shipyard The Italian Sea Group has come under heavy fire after allegations that the yard is violating agreements and grossly abusing its position against its customers. The shipyard is known for the exclusive Lamborghini sports boats.
Several ships have spontaneously caught fire in recent years. One of them sank the day before delivery to the buyer. A ship that was sold to an Asian buyer, was sold to another buyer after he had paid 50% for the ship.
The Asian buyer had financed the vessel with externally raised capital. The plan was to charter it after delivery through its charter company Adamas Asset Management. When the ship suddenly turned out to be sold and the Asian buyer could whistle for his previously paid money, he ended his life. The pressure from his investors became too much for him after publications of his sold ship appeared in the media. Until this day, The Italian Shipyard has not given any explanation as to what happened to the Asian buyer's payment.
According to various sources, the management can fly around in private jets to exclusive jet set parties and drive expensive Ferraris and Lamborghinis. Until last year, the Chairman of The Italian Sea Group still had very large debts with his in-laws amounting to 80 million euros. The question is therefore how all this is financed and what has happened to the investors' funds.
According to the victims, the money intended for the deposits of various ships has been misused to finance the IPO of The Italian Sea Group. The company previously had large liquidity shortages and could use an extra injection. How the company was able to obtain external capital so quickly to finance the IPO is a mystery to the victims.
Research should now show how the shipyard is responsible for its financial position towards investors now that the company has recently been listed on the Milan Stock Exchange and the upcoming publication of the half-year figures is imminent.