Naples-based group intended to gain control of the Greek company to revive and relaunch it, particularly replacing the management.

Over last few months Grimaldi reached 47% after buying market shares through subsidiary Minoan Lines and offering HSW's minority shareholders €4/share, exceeding four times the book value.

But all minority shareholders rejected Grimaldi's offer. HSW's CEO Antonis Agapitos was allegedly supported by Piraeus Bank, Hellenic Seaway's major lender and second stakeholder after Grimaldi.
Consequently board of directors members appointed by Grimaldi were all replaced: Gerassimos Strintzis, HSW's former president, Diego Pacella, Vice President at Grimaldi and brother-in-law to Manuel and Gianluca, and Loukas Sigalas, senior manager atMinoan, left the board.

Emanuele Grimaldi is convinced of a foul play: “They halted us by falsifying election counts and preventing us from perusing the company's documentation. That's a real fraud made by a inept management unable to helm the company. Hellenic Seaways urgently needs a capital injection, we would be willing to support it, but the management counters our plans confiding profits will come anyway. Due to the above reasons we hired local lawyers to start a legal action in Greece”.