A criminal complaint has been filed against former senior executives of The Italian Sea Group (TISG) by the company’s chief executive officer.
In a company statement, Giovanni Costantino, who is also chief executive of TISG shareholder GC Holding, says he is acting both in his personal capacity and as legal representative of the companies.
The complaint has been filed with the assistance of lawyers Francesco Marenghi and Massimiliano Manzo against the executives who headed key corporate functions and allegedly acted in coordination with one another.
Actions to conceal management of orders
According to the complaint, the individuals concerned are alleged to have carried out, over time, a series of coordinated actions aimed at concealing the actual management of orders and providing the chief executive officer of TISG with accounting and managerial information relating to specific orders that did not correspond to the true situation.
The company says such concealment would have been made possible through the fraudulent and covert circumvention of the company’s internal order management system, under the joint responsibility of the individuals named in the complaint.
The complaint describes a system involving the alteration of accounting and managerial documentation relating to orders.
Normal business operations
This included reports on cash flows, order budgets and bank statements, with the effect of portraying a situation that was not accurate and entirely unknown and not identifiable by the chief executive officer of TISG.
The complaint has been filed with the Public Prosecutor’s Office at the Court of Massa, which will be responsible for establishing the facts and the related liabilities.
In the statement, TISG emphasises that from the outset of the matter, the chief executive officer has acted promptly, with the support of the board of directors, to ensure the continuation of TISG’s normal business operations, the completion of all ongoing orders and the continued development of the company.
In February 2026 GC Holding – of which Giovanni Costantino holds 100% of share capital – provided a shareholder loan amounting to 25 million euros to TISG to improve the company’s cash position.
At the start of March 2026, TISG appointed accountancy advisory firm KPMG to carry out independent forensic due dilligence to ascertain the extent of extra budget implications in order management.
