Investing.com -- Sinochem, the largest investor in Pirelli, has voiced its strong opposition to a resolution by the Italian tyremaker’s board. The resolution in question has established that Sinochem no longer has control over the company. Sinochem, a state-owned entity of China, expressed deep disappointment on Monday over this development.

Sinochem holds a 37% stake in Pirelli. The Chinese company communicated its stance through its vehicle Marco Polo International. In its statement, Sinochem asserted that it had "valid elements" to affirm that it retains control over Pirelli. The company’s firm opposition to the board’s resolution indicates a potential conflict within the company’s governance structure.

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