Italian Superyacht Builder Gets Caught in a Corporate Spy Thriller

• Italian yacht maker Ferretti finds itself involved in a high-stakes corporate espionage case
• Hidden listening devices found inside their Milan headquarters lead to global intrigue
• Increasing tensions between China’s Weichai Group and Italian government keeping a close eye on foreign control

Luxury yachts usually make headlines for sleek hulls, sun-soaked decks, and the occasional celebrity sighting. But this time, it’s not champagne and teak wood grabbing the media’s attention — it’s hidden microphones, geopolitics, and a very uncomfortable boardroom in Milan. The Italian yachtmaker Ferretti has been behind some of the world’s most extravagant yachts and is the one involved in this real-life espionage plot that reads more like a Le Carré novel than a financial press release.

In April 2024 Xu Xinyu, who is the Ferretti board member and executive rep for majority shareholder Weichai Group (a major Chinese conglomerate), picked up on something off.

Xu had reportedly noticed suspicious individuals around Ferretti’s Milan HQ and ended up calling a counter-surveillance team who swept the offices only to find bugging devices inside Xu’s desk, signal amplifiers hidden in meeting rooms, and listening tech planted near the areas used by the Chinese-Italian translator. Ferretti didn’t waste time.

A formal complaint landed on the desk of the Milan Public Prosecutor, and the company publicly confirmed the discovery of the devices. And thus, the controversy started.

The timing couldn’t have been more suspicious as the tensions within Ferretti were already high. In March, the company proposed a share buyback plan that would have allowed it to repurchase 10% of its stock — potentially reducing Weichai’s influence and, in theory, opening the door to Italian state intervention under the country’s “golden power” law.

That regulation, designed to shield strategic industries from foreign takeover, has been used before and it’s rarely subtle.

The proposal was withdrawn before the month was out, but the damage was done as suspicions remained. Some insiders even thought that there was a possibility the surveillance was an inside job but, as of now, there’s no hard evidence pointing fingers within the company.

The discovery led to not one, but two criminal investigations: one into the bugging itself, and another looking into possible breaches of Ferretti’s IT infrastructure. And yet, despite being listed on both the Milan and Hong Kong stock exchanges, the company hasn’t disclosed the investigations to investors which has raised fair questions about transparency.

Ferretti insists that everything is fine and official statements have said that the company has had a decade-long “full and constructive mutual collaboration” with Weichai and that they are a victim of illegal spying.

Still, behind the PR gloss, the implications run deep and there have been national conversations around foreign investments in critical sectors, especially tied to Chinese stakeholders as a result of this incident.

What’s playing out there isn’t just a corporate whodunnit. It’s part of a larger reckoning with foreign investment in national assets, particularly when that investment originates from China because Italy is still sensitive from the Pirelli case — where Chinese influence was clipped through government-imposed controls — and is once again forced to ask itself: where do we draw the line?

So far, no one’s been charged, and no names have been released but the case has already created unease far beyond Ferretti’s balance sheet. It’s forced a reconsideration of how companies like Ferretti (i.e., Italian brands operating under global ownership) manage not just their operations, but their identity.

For now, the yachts are still floating. But behind the polished chrome and marine-grade leather, Ferretti’s future might hinge less on craftsmanship and more on courtroom findings, boardroom power plays, and who’s really listening.