Mondomarine with Chinese interests

Italian fiscal police (Guardia di Firanza) conducted searches of the company’s offices in Savona, Pisa and Milan which led to documents relating to the company’s financial dealings.   Mondomarine shareholders had entrusted an accounting survey to Price Waterhouse Coopers and the operation was investigating possible fraud and falsified accounting.

Mondomarine and China

In 2014, Mondomarine took a minority stake in Chinese yacht builder Sease Yacht Company from Suzhou.  Sease was intended to act as a dealer for Mondomarine in the Greater China area, including Macau and Hong Kong, with a focus on building yachts up to 27metres.

Mid 2017, after financial difficulties for the brand, a few entrepreneurs connected to Shandong Investment Group were considering a purchase order for Mondomarine’s shipyard as well as the Cantieri di Pisa shipyard (formerly part of the Baglietto Group) which Mondomarine acquired a few years ago.  Their goal was to invest in the Italian leisure boating sector via a recognised brand such as Mondomarine.

Palumbo Shipping Group, based in Naples, have submitted a binding agreement to the backruptcy court to rent the Savona shipyard premises for 6 months, with shareholders undertaking to cover the concession costs for the rest of this year and the next 2 years.

UPDATE June 2018:  Palumbo has won the tender for Mondomarine’s Savona shipyard which is under appeal by Monaco Marine.

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