Latest news with #Galassi
Yahoo
09-06-2025
- Business
- Yahoo
Italian Yacht Builder Ferretti Is Involved in an Espionage Case
International intrigue at one of the world's largest yacht builders? The Italian Ferretti Group was the setting for a spy-vs-spy scenario that reportedly included private detectives shadowing an executive of the Italian builder's primary Chinese investor and recording devices hidden in several offices, according to Bloomberg. The discovery of this board-level surveillance has prompted two criminal cases, now in the hands of Italian prosecutors. In April 2024, Xu Xinyu, an executive director at Ferretti SpA, noticed two men in an SUV outside Ferretti's headquarters in Milan. Xu also sits on the board of the Weichai Group, which acquired the Ferretti Group in 2102, when the builder of Riva Yachts, Custom Line, CRN, and other brands was in financial trouble. More from Robb Report Say Hello to Robb Report en Español, the New Benchmark for Global Luxury in Spanish A Luxe Midcentury Duplex in London's Mayfair Just Listed for $25 Million Red Sox Legend David Ortiz's Former Miami Mansion Lists for $11.5 Million Xu also observed the pair following him while visiting hotels in the city, Bloomberg reported. He hired a counter-surveillance company, which reportedly found a listening device and signal amplifier hidden in his office. Other devices were found in the offices of Ferretti's Chinese-Italian translator and board secretary. The story cites unnamed sources who claimed relations between Weichai and some executives at Ferretti had deteriorated because of a proposed stock buyback program that would have allowed the repurchase of 10 percent of the shares. The buyback plan was briefly examined by the Italian government under a special 'golden' provision that allows it to oversee 'strategic' Italian brands with foreign ownership. A very small percentage of Ferretti's boat production is for the defense sector, thereby placing it in the strategic category. The Chinese members of the Ferretti board, comprised of six Chinese and three Italians, were initially against the buyback proposal, according to the sources. That decision, according to Bloomberg, caused dissension between Ferretti CEO Alberto Galassi and some members of the board. In March 2024, Galassi formally notified the Italian oversight committee of the buyback initiative. But that was earlier than the Chinese directors had expected. Bloomberg's sources say they thought the Chinese board members worried that Galassi could be using 'the golden share rule to sideline them by seeking allies in the Italian government.' The stock buyback proposal was withdrawn by the end of the month. Ferretti issued a statement denying that Galassi had gone against the board's wishes, according to Bloomberg. It said the notification 'was carried out with the formal and definitive approval of the Board of Directors.' The statement went on to say that 'the relationship between the shareholders and the company is excellent, marked by ongoing collaboration and mutual respect.' Ferretti did not immediately respond to Robb Report's request for comment. Following the discovery of the surveillance on Xu and others, some of the board members reportedly suspected it might have originated with Ferretti's upper management. Xu initiated a criminal case against 'persons unknown' in May 2024, for unauthorized access to a computer system and unlawful interference in private life. In January 2025, following an internal investigation, the Ferretti Group filed its own complaint with the Milan prosecutor's office. 'Ferretti SpA considers itself an aggrieved party, having been wronged by the unlawful and improper installation of surveillance devices within its offices,' the statement said. Ferretti says there is no tension between it and Weichai. 'The shareholder and the company have enjoyed a relationship of mutual esteem and full, constructive collaboration for over 10 years,' the brand said in a statement to Bloomberg. The cases remain in the initial stages of investigation, with no certainty that any criminal charges will be pursued. Best of Robb Report The 2024 Chevy C8 Corvette: Everything We Know About the Powerful Mid-Engine Beast The World's Best Superyacht Shipyards The ABCs of Chartering a Yacht Click here to read the full article.
TimesLIVE
29-05-2025
- TimesLIVE
KZN education department promises to finalise probe into 'problem' principal
One of the concerned parents, Judy Galassi, lamented how the school was struggling after the departure of 13 teachers. 'These educators were instrumental in our community to help our children. This is an extremely high turnover and it affects our children, the continuity in the classroom and their learning experience,' said Galassi. While presenting her concerns, including the principal's unilateral decision to drop isiZulu as a first additional language, Galassi was heckled by other parents. 'He did this without informing the MEC or anyone in the department. This has resulted in 47 children being forced to learn in one overcrowded class,' she said. She alleged the principal had also introduced remedial units which were unauthorised and advertised without department approval. 'Funds are [allegedly] being redirected to staff entertainment and other expenditures including braais and alcohol which are expenses outside procedure,' said Galassi. The concerns extended to alleged financial mismanagement and use of the school bakkie. 'There was an analysis done on fuel costs to the school, which was R55,000 compared with R24,000 the year before. It's a cost to the school and the estate manager who was also unable to use the bakkie,' Galassi alleged. Another parent raised a concern about an allegation that the school governing body had made the principal a cash offer to resign. 'I am concerned because this is inappropriate and it has not been dealt with,' said the father. Parent Mbuyise Ntuli called for a speedy finalisation of the matter. 'This school has got [a] history and a good image. It's a brand to us and therefore we want to send a message to say 'can you protect this brand?'. I saw this school for the first time on TV for all the wrong reasons,' said Ntuli. He asked school management and the department to get its house in order 'It appears this matter has not been concluded. If there is a person who ought to be suspended, let it be so. If the allegations against the man are not there, can you clear the man? He is a family man.' Other parents also called for a speedy finalisation of the investigation as it had also divided the community. DA MPL and the party's education spokesperson Sakhile Mngadi said he was upset at the slow pace in which the matter was being handled. He had submitted questions about the issue in the legislature. The DA had 'critical information' which will be forwarded to the MEC's office to assist with the investigation. 'The DA has not taken any side. We are only on the side of the children who will continue to be affected [by] the instability at this school.' He was taken to task by an official accusing him of not declaring his presence at the meeting and forced to leave. The department has undertaken to finalise the investigation by June 12.
Yahoo
13-03-2025
- Business
- Yahoo
Washington Supreme Court decision against Lowe's could significantly impact self-service retail
This story was originally published on The Washington Supreme Court has ruled that a lawsuit against Lowe's Home Centers can proceed after a woman was injured by falling merchandise in one of its stores, finding that the company may be liable under a 'reasonable foreseeability' exception to traditional premises liability laws. This ruling comes with potentially significant implications for self-service retail stores like Lowe's. The case, Galassi v. Lowe's Home Centers, LLC, stems from a 2020 incident in which Hwayo Jenny Galassi was shopping for garden supplies at a Lowe's store. While she was selecting a roll of fencing from a high shelf, another roll fell on her, breaking her toe. No employees or other customers were present at the time, and the area of the store lacked video surveillance. Galassi sued Lowe's, arguing the store's self-service method of displaying heavy fencing rolls on high shelves created an unreasonably dangerous condition that it should have foreseen because it stands to reason that customers were likely to handle and improperly restock the items. Lowe's denied responsibility, asserting that it had no 'actual or constructive notice' of a hazardous condition before the incident. The company argued that under traditional liability law, it could only be held liable if it knew or should have known about the dangerous condition beforehand. Since no prior complaints or reports of unsafe shelving existed, Lowe's claimed it could not be found negligent. A trial court granted summary judgment in favor of Lowe's, agreeing that the store had no notice of the specific unsafe condition. However, the Washington Court of Appeals reversed the decision, ruling that Lowe's method of operation could make the risk of falling merchandise reasonably foreseeable, even without direct notice of the hazard. On Thursday, the Washington Supreme Court affirmed the appellate ruling, finding that Galassi's claim should proceed to trial. The court noted that self-service retail stores — where customers frequently handle and move merchandise without employee supervision — can create inherent risks that businesses have a duty to address. 'A trier-of-fact could find the alleged unsafe condition in this case was reasonably foreseeable due to the nature of Lowe's business and its methods of operation. Yet, there is also contrary evidence, such as a lack of prior similar incidents, from which a trier-of-fact could reach the opposite conclusion. As a result, the Court of Appeals correctly held that there is 'a genuine issue of material fact regarding whether the (reasonable foreseeability) exception to traditional notice requirements applies,'' the Washington State Supreme Court wrote. This ruling simply rejects a summary judgment dismissing the case. It does not, however, mean Lowe's should be held liable. Indeed, the Court found: 'The fact that Lowe's summary judgment strategy was unsuccessful in this case does not relieve plaintiffs of their burden of proof. It is merely a case-specific outcome in accordance with the well-established rule that 'if the moving party does not sustain its burden, summary judgment should not be granted, regardless of whether the nonmoving party has submitted affidavits or other evidence in opposition to the motion.'' The ruling allows Galassi to proceed with her case before a trial court. A jury may ultimately determine whether Lowe's was negligent in its store design and product placement. The decision could have broad implications for retailers that rely on self-service displays, potentially increasing their responsibility for customer safety. The case will now return to the lower court for further proceedings.
Yahoo
13-03-2025
- Business
- Yahoo
Washington Supreme Court decision against Lowe's could significantly impact self-service retail
This story was originally published on The Washington Supreme Court has ruled that a lawsuit against Lowe's Home Centers can proceed after a woman was injured by falling merchandise in one of its stores, finding that the company may be liable under a 'reasonable foreseeability' exception to traditional premises liability laws. This ruling comes with potentially significant implications for self-service retail stores like Lowe's. The case, Galassi v. Lowe's Home Centers, LLC, stems from a 2020 incident in which Hwayo Jenny Galassi was shopping for garden supplies at a Lowe's store. While she was selecting a roll of fencing from a high shelf, another roll fell on her, breaking her toe. No employees or other customers were present at the time, and the area of the store lacked video surveillance. Galassi sued Lowe's, arguing the store's self-service method of displaying heavy fencing rolls on high shelves created an unreasonably dangerous condition that it should have foreseen because it stands to reason that customers were likely to handle and improperly restock the items. Lowe's denied responsibility, asserting that it had no 'actual or constructive notice' of a hazardous condition before the incident. The company argued that under traditional liability law, it could only be held liable if it knew or should have known about the dangerous condition beforehand. Since no prior complaints or reports of unsafe shelving existed, Lowe's claimed it could not be found negligent. A trial court granted summary judgment in favor of Lowe's, agreeing that the store had no notice of the specific unsafe condition. However, the Washington Court of Appeals reversed the decision, ruling that Lowe's method of operation could make the risk of falling merchandise reasonably foreseeable, even without direct notice of the hazard. On Thursday, the Washington Supreme Court affirmed the appellate ruling, finding that Galassi's claim should proceed to trial. The court noted that self-service retail stores — where customers frequently handle and move merchandise without employee supervision — can create inherent risks that businesses have a duty to address. 'A trier-of-fact could find the alleged unsafe condition in this case was reasonably foreseeable due to the nature of Lowe's business and its methods of operation. Yet, there is also contrary evidence, such as a lack of prior similar incidents, from which a trier-of-fact could reach the opposite conclusion. As a result, the Court of Appeals correctly held that there is 'a genuine issue of material fact regarding whether the (reasonable foreseeability) exception to traditional notice requirements applies,'' the Washington State Supreme Court wrote. This ruling simply rejects a summary judgment dismissing the case. It does not, however, mean Lowe's should be held liable. Indeed, the Court found: 'The fact that Lowe's summary judgment strategy was unsuccessful in this case does not relieve plaintiffs of their burden of proof. It is merely a case-specific outcome in accordance with the well-established rule that 'if the moving party does not sustain its burden, summary judgment should not be granted, regardless of whether the nonmoving party has submitted affidavits or other evidence in opposition to the motion.'' The ruling allows Galassi to proceed with her case before a trial court. A jury may ultimately determine whether Lowe's was negligent in its store design and product placement. The decision could have broad implications for retailers that rely on self-service displays, potentially increasing their responsibility for customer safety. The case will now return to the lower court for further proceedings.
Reuters
10-03-2025
- Business
- Reuters
Italian yacht maker Ferretti aiming for an acquisition this year
ROME, March 10 (Reuters) - Italian yacht maker Ferretti ( opens new tab aims to make an acquisition this year, its Chief Executive said on Monday, without specifying whether the potential target would be a brand, a yard or another asset. "We have three different files on the table," CEO Alberto Galassi told journalists. The executive added that the group was considering a possible buyback. Asked about recurring media speculation over the exit of the group's top shareholder, Chinese conglomerate Weichai, Galassi said he did not know as the issue was never discussed with them. Weichai holds a 37.5% stake in Ferretti. Galassi said he was also unaware of French luxury conglomerate LVMH ( opens new tab being interested in becoming a shareholder in the group.
