The international investigation 'OpenLux' uncovers new companies linked to some of Spain's biggest fortunes, including Amancio Ortega's property holding firms worth over €10 billion.
Five years after the first 'OpenLux' revelations, a new investigation led by the global network of investigative journalists specialising in corruption and organised crime OCCRP (source in Spanish) and the French daily 'Le Monde' (source in Spanish) once again scrutinises companies registered in Luxembourg and the identity of their beneficial owners.
ADVERTISEMENT
ADVERTISEMENT
The investigation, carried out by journalists from 16 international media outlets – with 'InfoLibre' (source in Spanish) taking part and publishing exclusively in Spain – examines what has become of some of the corporate structures identified in 2021 and reveals new cases involving Spanish citizens with companies in the Grand Duchy.
They include businesspeople, aristocrats and figures linked to Spanish political life "who have opted for Luxembourg's opacity or the advantages of its tax regime for their financial operations".
From a Pujol grandson to Amancio Ortega
One of the names to emerge in this new instalment is Jordi Pujol Gironès, grandson of former Catalan president Jordi Pujol. According to the investigation, he owns 50% of Casa de Datos SCSp, a Luxembourg special limited partnership, together with an Italian partner. This type of structure is not required to file annual accounts, which prevents its activities or investments from being publicly known.
The investigation also revisits the companies linked to Amancio Ortega. By 2021 the Inditex founder already had companies in Luxembourg used to manage international property investments. One of them, Adelphi Property Sàrl, owner of an office building in central London, was wound up in December 2024 after transferring its assets to another group company in the United Kingdom.
At the time, the business group explained that it was "likely that the Adelphi building will be transferred to a UK company and the Luxembourg company wound up", an operation that was ultimately carried out.
More than 10 billion euros in assets
Another of the companies analysed, Hills Place Sàrl, continues to operate out of Luxembourg. According to its 2024 accounts, its assets amount to more than 2.4 billion pounds sterling, equivalent to over 2.8 billion euros.
But that is not the only structure linked to the Galician businessman. According to the investigation, Ortega is currently the ultimate beneficial owner of a further nine companies registered in Luxembourg, most of them forming part of his property holding company Pontegadea. Some of them were created after the first 'OpenLux' revelations. The most recent, Pontegadea Logistics Holdings Sàrl, was registered in April 2026.
Among these companies, Pontegadea Luxembourg Sàrl stands out; it reported assets worth more than 7 billion euros in its 2024 accounts. The company holds stakes in businesses based in Luxembourg and other countries, including the United States, Italy and Ireland.
Taken together, the companies of which Ortega is the ultimate beneficial owner in Luxembourg hold assets worth more than 10 billion euros, according to data consulted by the investigation in the Luxembourg trade register.
Members of the nobility, aristocrats and sportspeople
The investigation also focuses on members of the Spanish nobility who have chosen Luxembourg to channel part of their financial operations. Among them is José Luis Cotoner Martos, Marquess of Bélgida, a Grandee of Spain and son of Juan Carlos I's mentor.
According to the documents examined by the journalists, Cotoner owns 100% of a holding company based on the outskirts of Luxembourg with assets of more than 27 million euros. He was also convicted in Spain of tax fraud.
The authors of the investigation add (source in Spanish) that in the coming weeks they will publish further reports on "businesspeople, former senior officials, aristocrats, sportspeople and other well-known Spanish figures or personalities linked to Spain" who operate through corporate structures in the Grand Duchy.
